The Governor of Imo state His Excellency Rt. Hon. Emeka Ihedioha today signed into law through Executive order 005 the Prohibition of Cash receipts as Payment for any government service rendered in the State. The Order will bring into force the use of the Treasury Single Account (TSA) by the State Government.
Ihedioha revealed this on Tuesday night when he spoke with newsmen in Owerri, the Imo State capital.
The governor said the signing of the Executive Order had become paramount because the government, before now, was operating over 250 accounts scattered across various banks.
The TSA is a system that pools all the government’s resources into a single account for better accountability.
Ihedioha said his discovery on assumption of office was that there were leakages in the revenue accruing to the state government and this was largely because of the numerous accounts being used for collection.
He said this accounted for why he decided to sanitise the state’s financial system.
He said this drove him to seek the help of a former Director General of the Debt Management Office, Abraham Nwankwo, for a critical look at the financial system, adding: “It is not an insurmountable issue.
“We discovered over 250 revenue accounts. “So I will sign the Executive Order tomorrow for the TSA to begin immediately.”
The introduction of TSA in Imo will entrench the much needed Accountability, Probity and transparency that was totally non existent with the previous government.