Tuesday, Nov 19th 2019 12:24 AM

Market Digest Nigeria


Imo State closes over 250 revenue accounts, embraces TSA

Imo State

Imo State governor Emeka Ihedioha Tuesday said the state will close over 250 revenue accounts operated by the past as administrations in the state to pave way for implementing Treasury Single Account.

About 150 of the accounts were opened in Zenith Bank. “So I will sign the Executive Order…for the TSA to begin immediately,” Ihedioha told newsmen at his residence in Owerri. An executive order backing that move was signed on Wednesday. The state is looking to streamline how monies paid into its coffers and also leakages.

Battling paucity of funds, a series of garnishee orders secured by debtors and infrastructural deficit, Ihedioha said it was important for the Imo State to sanitise its financial system. He said a committee headed by former Nigeria’s Debt Management Office boss Abraham Nwankwo was given that responsibility.

“The Executive Order 005 signals a major turning point in the decision and commitment of the people of Imo State to have a stronger economy,” Nwankwo said while submitting the interim report of his committee on Wednesday.

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