Abuja - Corps Marshal of the Federal Road Safety Corps (FRSC), Boboye Oyeyemi, disclosed the organisation had fully implemented the Treasury Single Account in line with the directives of the Federal Government.
He disclosed the development on Tuesday while declaring open a three day workshop organised for the FRSC accounts staff by the Office of the Accountant General of the Federation.
The workshop was aimed at enhancing the efficient implementation of the new accounting policy by the Federal Government.
The policy took effect last month.
“FRSC has fully implemented it. In accordance with the directives, all the Corps’ accounts with the commercial banks have been closed down following the commencement of the implementation of the policy,” said Oyeyemi.
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He described the new policy as a welcome development, which was capable of standardising the accounting system of the Federal Government.
“Accordingly, the FRSC has fully embraced and complied with the directives on it,” said Oyeyemi.
A treasury single account is an essential tool for consolidating and managing governments' cash resources, thus minimizing borrowing costs.
In countries with fragmented goverment banking arrangements, the establishment of this account should receive priority in the public financial management reform agenda.
In Nigeria, all revenue due to the Federal Government or any of its agencies must be paid into the Treasury Single Account or designated accounts maintained and operated in the Central Bank of Nigeria, except otherwise expressly approved.
- News 24