Nigeria - Sokoto Uncovers N1.5bn In Idle Accounts

Sokoto State Government has uncovered N1.5 billion lying idle in 100 redundant accounts belonging to it in various commercial banks in the country. The finding came two weeks after the formal introduction of the Treasury Single Accounting (TSA) system in the state. Commissioner for Finance, Alhaji Umar Saidu, disclosed this in Sokoto yesterday while giving an update on the system’s implementation.
Saidu said government is determined to trace and close down all dormant and inactive accounts operated by it. He said since the introduction of the TSA, there has been a massive improvement in the reconciliation of public finance figures between government and commercial banks.
This, according to him, has reduced risk of errors in reconciliation processes and has enhanced timeliness and quality of the fiscal figures from such accounts. The commissioner said the introduction of the TSA has now enabled government to regularly monitor public cash balances while at the same time ensuring higher quality cash analysis from all accounts hitherto operated by the state government and its agencies. He added that more analyses are being undertaken efficiently and at regular intervals.

Saidu further said the full benefit of the new accounting system would be felt when the implementation of the 2016 budget starts. The document is currently undergoing legislative action with the state House of Assembly. Meanwhile, Governor Aminu Tambuwal has approved the posting and redeployment of new permanent secretaries and directors-general in the state civil service.
A statement by his spokesman, Malam Imam Imam, showed that 23 permanent secretaries were redeployed while 11 directors-generals have been sent to various departments and agencies in the state.