The Kaduna State Government has announced the closure of all its accounts with commercial banks, in order to adopt a Single Treasury Account that would be domiciled with the Central Bank of Nigeria.

In a statement issued on Thursday, the Senior Special Assistant to the State Governor on Media and Publicity, Samuel Aruwan, notified the affected banks to remit the balances of the state deposits to the Central Bank of Nigeria which will now be in custody of the state’s Single Treasury Account from September 1, 2015.

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According to the statement, the State Governor, Nasir El-Rufai, gave the directive during a meeting with officials of all the banks hosting the state government’s revenue and expenditure accounts and CBN officials.

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The statement further explained that the state government would later open specified sub-accounts with the CBN and other commercial banks.

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While thanking the banks for their continued support, the Governor assured them that a future session would be organized to explain to them how the new TSA and the sub-accounts will work.