Friday, 7 August 2015

Briefly: El-Rufai Orders Closure of Government Bank Accounts

Kaduna State Governor, Mallam Nasir El-Rufai, has directed all banks with the state government accounts to close them with the exception of  some selected revenue-holding accounts .

The decision to close the accounts was to give way for implementation of the Treasury Single Account, TSA, framework by 1 September, 2015. According to El-Rufai, the accounts will be closed while the balance will be remitted to the Central bank of Nigeria which will be the host of the state  TSA.

A statement signed by Samuel Aruwan, the Special Assistant, Media and Publicity, said the governor gave the directives at a meeting with officials of all the banks hosting the state government’s revenue and expenditure accounts as well as the Kaduna State Branch Controller of the CBN.

El-Rufai explained that after the establishment of the TSA, the state government will open specified sub-accounts with the CBN and the commercial banks.He promised to publish needed Treasury Circulars and other instructions to give effect to these decisions and that a session will be organized to explain to the banks how the new TSA and the sub-accounts will work.

Read more: PMNews
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