IGR: Kwara Directs Tertiary Institutions to Open Single Treasury Accounts in Pilot SchemeLatest News, News From The State Tuesday, August 11th, 2015
The Kwara State Government has directed all nine state-owned tertiary institutions in the state to open single treasury accounts for fees and other payments in a pilot exercise that will eventually extend to all revenue generating agencies in the state. They have also been directed to close all other revenue accounts maintained in commercial banks across the state.
The State Governor, Alhaji Abdulfatah Ahmed, who gave the directive during a meeting with heads of tertiary institutions and banks operating in the state, said the directive is to enable the government get a clear picture of the institutions’ finances as a prelude to the debut of the newly established Kwara State Internal Revenue Service (KSIRS), which is the sole body responsible for revenue collection and management in the state.
Alhaji Ahmed said the new directive also bars the institutions from receiving fees and other revenues in cash or maintaining any other bank accounst other than those approved by the state Accountant-General. According to him the move was designed to ensure efficiency in revenue collection and disbursement. The Governor assured that the institutions will continue to received budgeted funds from the state government as due and stressed that the government’s only desire was to ensure efficiency in revenue generation and management.
The state governor identified enhanced Internally generated revenue as the only way the state can survive the current economic crises in the country, adding that even if the Federal Government stops crude oil theft, Federal allocations are unlikely to return to previous levels as the sustained drop in global oil prices is likely to continue.
Continuing, he said the heads of tertiary institutions in the state have an opportunity to demonstrate their managerial skills as they migrate from inefficiency in revenue generation to levels of sufficiency, adding that all ministries, departments and agencies are also barred from opening bank accounts or obtaining bank loans without authorization from the Office of the Accountant General.
Governor Ahmed called on banks to key into the government’s new revenue drive and avoid any actions capable of contravening the new revenue law as the government will not hesitate to review its relationship with any commercial bank that attempts to sabotage the law.
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