The Lagos State Governor, Akinwunmi Ambode, has ordered the operation of a single revenue account in the state.
He ordered that all revenue collecting banks should close all the existing multiple revenue accounts in their branches to give room for the single revenue accounting system.
A statement by the Permanent Secretary/Accountant General of the state, Mrs. Abimbola Umar, said the directive would take effect from September 1, 2015.
Umar explained that the move was to improve on the processes of revenue generation and collection in the state.
She added that the government also wanted to ensure proper accountability and transparency in all its accrued revenues.
Umar said, “The state government took the decision to address the challenges previously faced with the operation of the multiple account system.
“Governor Ambode said the operation of a treasury single account, aside providing transparency and accountability, would also encourage tax payers to request a single account before making their payments.”
The statement quoted Ambode as saying that his decision was in line with the move by the All Progressives Congress-led Federal Government under President Muhammadu Buhari to ensure that all government revenue accrued to one consolidated account.
Ambode said, “In addition, all the affected revenue collecting banks have been mandated to immediately close all the existing multiple revenue accounts domiciled in their banks to give room for a single revenue accounting system in line with the accountability and transparency policy of the current administration.
“With this development, it is expected that all parastatals, local government areas and establishments will commence the operation of the treasury single account on September 1, 2015.” Click to signup for FREE news updates, latest information and hottest gists everyday
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