Osun to begin bank account monitoring system

* Oyetola orders full compliance

Osun State Governor Adegboyega Oyetola has ordered the commencement of the Bank Account Monitoring System (BAMS) for the day-to-day financial transactions of state-owned tertiary institutions.

According to a statement by the Supervisor for Finance, Mr. Bola Oyebamiji, the governor had given a directive to all Ministries, Departments, Agencies (MDAs) and local government councils to mainstream their accounts into the Treasury Single Account (TSA) and adhere to the TSA policy of the government.

Oyebamiji, who said the order was part of efforts of the Oyetola administration to further sanitise the state’s financial sector, added that the move would make the state to be in tune with global best practices in financial and treasury management.

He said Osun State is compliant with the TSA policy of the Federal Government.

Said he: “The reform will also enhance effective transparent and accountable revenue management (among others) in accordance with the Strategic Public Sector Transformation Initiatives of the Federal Government as enshrined in Section 120 of the 1999 Constitution (as amended).

“Having met stakeholders at different events regarding effective implementation of the TSA policy, I wish to inform all and sundry that Mr. Governor has also approved the final deployment, institutionalisation and immediate commencement of the usage of the Bank Account Monitoring System (BAMS) for day-to-day financial transactions across state-owned tertiary institutions in Osun, with particular reference to each institution’s peculiarities.

“Consequently, all Ministries, Departments, Agencies (MDAs) and local government councils have been directed to mainstream their accounts into the TSA and adhere strictly to the TSA policy of the state government.

“All accounting officers, heads of non-ministerial agencies, parastatals, commissions, local government councils and heads of tertiary institutions in the state are hereby kindly requested to key-in to this policy and ensure full implementation of TSA.”

Another statement by the Press Officer in the Ministry of Finance, Mr. Kingsley Omoyeni, noted that the Technical Assistant to the Governor on TSA, Mr. Adetona Adefokun, had embarked on training and sensitisation workshops for account officers in all state-owned tertiary institutions as well that of the MDAs and local government councils in preparation for the commencement of the Bank Account Monitoring System (BAMS).