The governor of Imo state, Rt. Hon. Emeka Ihedioha on Wednesday, July 9, signed into law through Executive order 005 the implementation of Treasury Single Account (TSA) in Imo state finances.
With the move, the governor has kick-started the prohibition of cash receipt as payment for any service rendered in the state.
The introduction of TSA in Imo is also expected to entrench accountability, probity and transparency in government business in the state.
It also signals a trajectory of transformation and a major turning point in the decision and commitment of the government of Imo state to provide a strong economy and healthy society. characterised by excellence, equality, meritocracy, integrity, incorruptibility, diligence and compliance with the rule of law.
The TSA would block PAYE remittances from going into unauthorised accounts, stop cash payments and cash transactions, amongst others
With the implementation, all revenue collection accounts by ministries, departments and gencies are automatically closed.
The government stated that remittances of PAYE deductions from civil servants shall now go into an appropriate account maintained by the board of inland revenue.
Speaking at the ceremony, Governor Ihedioha stated that, “We are in a democracy. We are representing the interest of the people.
“It is our belief that this will in no small measure revive the moribund Imo state economy and ensure transparency, probity and accountability.
I take this action to stem the tide of abuse of the system of governance in Imo state. We have started the sanitization of the financial process.”
On his part, Dr. Abraham Nwankwo, the chairman Imo state financial advisory council said, “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.”