Osun Govt Orders Closure Of Account Operated Outside TSA

Osun Govt Orders Closure Of Account Operated Outside TSA
  • PublishedJanuary 25, 2019

•Warns Banks, MDAs Against Default

By Solomon Odeniyi

Government of Osun has ordered the immediate closure of all other accounts being operated by some ministries, departments and agencies of government outside the Treasury Single Account (TSA).

It warned partner financial institutions against the operation of such accounts for collection of all levies and taxes that belongs to the state government, saying any bank that fails to comply would be severely sanctioned. 

The Supervisor in charge of the Ministry of Finance, Mr Bola Oyebamiji stated this during a meeting with heads of banks who are in partnership with the state government on the collection of taxes and other levies due to the state government. 

Represented at the meeting held at the conference room of the Ministry of Finance by the Permanent Secretary, Mrs AdebimpeOgunlumade, he described the action as fraudulent, capable of robbing the state government of funds which it desperately needs to meet its obligations. 

According to a statement by the Information Officer of the ministry, Kingsley Omoyeni, Oyebamiji said, it is unfortunate that banks who are supposed to be partners in progress with the government could decide to connive with some government agencies in perpetrating the wicked act. 

The immediate past commissioner for Finance stressed that Osun government needs every money it can get in terms of revenue generation so as to make life better for the masses in the state. 

He said: “It is a fact that we are generating revenue, the problem is that we are having leakages and it’s very unfortunate that the banks which we rely on are aiding and abetting those who want to jeopardize our efforts. 

“The government in Osun is determined to make life better for its citizens, it’s sad that our efforts at generating funds to help our people through revenue generation are being frustrated by people we trust. 

“This is a warning to all financial institutions in partnership with us that any bank still found to be involved in this act will be seriously sanctioned”, Oyebamiji stated. 

Speaking on efforts aimed at strengthening the state’s revenue, the board secretary of Osun Internal Revenue Service, MrsOluwatosin Falomo called on banks to supply all below-the-line accounts for the board to know the ones to close down. 

She also appealed to financial institutions to always endeavour to report all revenue as and when due, stressing that it doesn’t speak well of government to run after them before reporting their transactions to the appropriate quarters. 

Technical Assistant to the Governor on TSA, Mr Adetona Adefokun stressed that all below-the-line accounts being operated outside the TSA should be immediately reported for necessary action to be taken, stressing that the whole system needs to be reviewed. 

Also speaking, the Senior Special Assistant to the governor on Finance, Dr Wale Tijani while calling on the banks to be on the same page with government for improved IGR said the act of operating outside the TSA is a total disregard to government policy.

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