August 7, 2015 – Governor of Kaduna State, Mallam Nasir El-Rufai, has directed all banks with state accounts to shut them to pave way for implementation of Treasury Single Account (TSA), framework by 1 September, 2015.
El-Rufai orders closure of multiple state accounts
The governor explained that all the banks have been put on notice to close them remit the balances to the Central Bank of Nigeria which will host the state’s TSA.
Special Assistant to the Governor on Media and Publicity, Mr. Samuel Aruwan said the governor gave the directives at a meeting with officials of all banks hosting the state government’s revenue and expenditure accounts.
He said the meeting was also attended by the Kaduna State Branch Controller of the CBN, explaining that after the establishment of the TSA, the state government will open specified sub-accounts with the CBN and the commercial banks.
“The banks’ officials present assured the governor that within five working days of receiving the formal instructions from the state government; they will close the accounts and remit the balances to the TSA.”
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While thanking the banks for their continued support, the governor assured them that a session will be organized to explain to the banks how the new TSA and the sub-accounts will work.
The statement also disclosed that selected revenue-holding accounts will be excluded from this directive. The government will publish needed Treasury Circulars and other instructions to give effect to these decisions.
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