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EL-RUFAI Directs Banks To Close All Government Account‎

EL-RUFAI Directs Banks To Close All Government Account‎

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By Alex Uangbaoje ‎

Kaduna State Governor,Malam Nasir El-Rufai has ordered all commercial banks  in possession of state government accounts to close them down and transfer the funds to the Central Bank of Nigeria (CBN) to maintain Treasury Single Account (TSA) framework with  effect from  September 1st, 2015. 

This was contained in a statement signed by Samuel Aruwan special assistant media and publicity to the governor, made available to journalists earlier today.‎

“The Kaduna State Government on Thursday announced its decision to commence implementation of the Treasury Single Account (TSA) framework by 1 September 2015. As part of the process of attaining this goal, all banks that maintain the accounts of the government have been put on notice to close them and remit the balances to the Central Bank of Nigeria which will host the state’s TSA.

‎Aruwan disclosed that the governor, Malam Nasir El-Rufai, gave the directives at a meeting with officials of all the banks hosting the state government’s many revenue and expenditure accounts. 

According to him “The meeting was also attended by the Kaduna State Branch Controller of the CBN where Malam 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.”‎

“The banks 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. While thanking the banks for their continued support, the governor assured them that a future 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, adding that government will publish needed Treasury Circulars and other instructions to give effect to these decisions.‎

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