The Central Bank of Nigeria on Wednesday in Abuja advised state governments to adopt the Federal Government's system of using a single account for all its revenue deposits.
Mr Kure Abubakar, Head, Client Services at the CBN, gave the advise while presenting a paper on "Understanding Treasury Single Account" at the close of a two day workshop on the Fiscal Responsibility Act.
The News Agency of Nigeria reports that the workshop, which began on Tuesday, was organised for government revenue generating Ministries, Departments and Agencies.
He said the TSA, if adopted by states, could help them to get maximum benefits.
Abubakar, while answering questions from participants urged them to comply with the Federal Government's directive and adhere to the September 15 deadline to avoid sanctions.
On the sidelines of the workshop, he told newsmen that some MDAs had complied and that if others failed to comply, they stood the risk of being sanctioned by the president.
Abubakar said, "There are sanctions and the directive says all erring MDAs will be penalised and that is enough because that is the type of political will we need.
"If you don't comply the consequence is yours. I cannot say specific penalties but I believe the president has the authority to penalise either the Managing Director or Chief Executive of such MDA.
"So those that refuse to comply are on their own or they should show reason to the government why they cannot comply."
He also said that MDAs that require a waiver could do so by making a presentation to the president stating why such should be granted.
(NAN)
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