The Street Reporters Newspaper

…Breaking News with Integrity!

Adsense

Adsense

    • Across States Business Economy Headlines News

    Accountability: TSA Activated in Gombe

    The Street Reporters Newspaper Posted on
    Spread the love

    …As Governor Inuwa Yahaya Orders Immediate TSA Implementation, Enforcement

    Governor Muhammadu Inuwa Yahaya has signed Executive Order No. 5 of 2020, which authorizes the immediate implementation and enforcement of the Treasury Single Account (TSA) in Gombe state.

    The order, signed by the Governor on Monday, 13th July, 2020, is sequel to Government’s resolve to centralize and consolidate all cash and investment balances in banks and other financial institutions with a view to having a real time liquidity position of the state in a single view as well as eliminate operational inefficiencies and costs associated with maintaining multiple accounts across multiple financial institutions.

    The Street Reporters Newspaper reports that the Governor, by virtue of the authority vested in him by the constitution of the Federal Republic of Nigeria, 1999 and all other laws enabling him in that behalf, ordered as follows:

    ALSO READ  South East Revival Group Calls for Increased Support for Indigenous Contractors

    1. The immediate and effective implementation and enforcement of the Treasury Single Account ( hereinafter referred to as (“TSA”) in Gombe state.

    2. The maintenance of main TSA in a single banking institution and maintenance of associated zero balance ledger sub- accounts (“ZBAs”) where they exist in other institutions from where balances shall be swept to the main TSA in the Central Bank of Nigeria (CBN) or the appointed main TSA hosting financial institution.

    3. The strict enforcement, operation and implementation of the TSA in accordance with the Cash Management Strategy (“CMS”) of Gombe state that came into effect in the year 2019.

    ALSO READ  MSMD Launches Transformative Mining Policies to Drive Local Content and Economic Growth

    4. The Governor may revise or modify this order as he deems fit.

    5. This Executive Order shall take effect from the date it is signed.

    The Executive Order identified some factors that led to the enforcement of the new financial policy which include weaknesses in the existing practice of preparing monthly payment schedules for governor’s approval in which budgeted resources flow to MDAs.

    Other factors are: weak cash planning processes that hinder cash forecasting and its alignment with government spending, inability of the Treasury division of the state Ministry of Finance to have a real time view of the liquidity position of government; thus hindering its ability to efficiently plan and manage idle resources as well as eliminate liquidity mismatch which has led to the budget deficit and poor budget performance.

    ALSO READ  From System Upgrade To 'Heart Attacks': Mass Frustration As GTBank's New Banking System Creates More Problems Than Solutions

    Also according to the order, Gombe state financial regulations 2012, Gombe state Council on Procurement and Public Procurement Bureau Law 2019,Gombe state Fiscal Responsibility (Amendment) law, 2019 and Gombe state Internal Revenue Service and Revenue Administration Law ( codification and consolidation) Law, 2020 provided the framework for the cash management strategy as well as enforcement of the TSA in the state.

     

    This post has already been read at least3346 times!

    114 COMMENTS

    9. I really liked your article, I’m waiting for the rest of your articles. Thank you for this article, it was really helpful.

    14. Hmm, that is some compelling information youve got going! Makes me scratch my head and think. Keep up the good writing!

    17. Thanks for sharing sir. Your article its great. i read your document and great.

    18. Wow, what an incredible blog! I’m impressed by the diverse range of topics covered here. The writing style is engaging and keeps me coming back for more. Keep up the excellent work, and I’m looking forward to reading more captivating posts!

    28. I really like the site you made. also your article is very well done and really informative. thank you for everything

    42. I really like your site and your blog posts are really impressive.

    48. I just wanted to take a moment to express my appreciation for the valuable information you provide on your blog. Your posts are well-researched, insightful, and incredibly helpful. It’s evident that you’re passionate about your subject matter, and it shows in the exceptional content you consistently deliver. Thank you for being a reliable source of inspiration

    53. This blog post is a gem! The author’s passion for the subject shines through every word. I love how they incorporate personal experiences and anecdotes to make the content relatable. It’s a refreshing and enjoyable read. Kudos to the writer for such a stellar job!

    79. I came across your blog and wanted to say how much I enjoyed reading your post. Thank you for providing such great content for your readers.

    93. This website has become my go-to source for information.

    104. I appreciate how balanced and nuanced your perspective is on [topic]. It can be hard to find writers who take the time to explore all sides of an issue. Your post gave me a lot to think about and inspired me to do some more research on my own.

    Comments are closed.

    The Street Reporters Newspaper
    The Street Reporters Newspaper is reliable latest news portal and publishes opinions, business news, politics, and sports news from Nigeria and the world. Tel: +2348175047979
    View all posts

    Recommended Posts

    JUST IN

    Discover more from The Street Reporters Newspaper

    Subscribe now to keep reading and get access to the full archive.

    Continue reading