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LequteMan
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The Sokoto state government has said it has uncovered N1.5 billion lying idle in 100 redundant accounts belonging to it in various commercial banks in the country.
According to the state commissioner of finance, Umar Saidu, 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 the 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.
He added that more analysis are being undertaken efficiently and at regular intervals.
He 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 state House of Assembly.
Premium Times
According to the state commissioner of finance, Umar Saidu, 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 the 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.
He added that more analysis are being undertaken efficiently and at regular intervals.
He 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 state House of Assembly.
Premium Times
