- August 18, 2015
- Posted by: Website Admin
- Category: National News, Uncategorized
The Lagos State Governor, Akinwunmi Ambode has approved the operation of a Treasury Single Account in the state effective from September 1, 2015.
The approval was made as part of efforts to efficiently improve on the processes of revenue generation and collection in the state, as well as ensure proper accountability and transparency in all government accrued revenues.
According to a statement issued by the Permanent Secretary and Accountant General of the State, Abimbola Umar, 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 for a single account before making their payments.
The development is in line with the objective of the All Progressives Congress-led federal government, under President Muhammadu Buhari, to ensure that all government revenue accrues to one consolidated account.