A/Ibom Govt Urges Revenue Agencies To Adopt Treasury Single Account
Akwa Ibom State government has urged all revenue-generating Agencies of government to align with the Treasury Single Account(TSA) financial policy of remitting government revenue.
The Commissioner for Finance, Mr. Nsikan Nkan gave the charge in Uyo at the Revenue Report Appraisal meeting he held with the representatives of Ministries,Departments and Agencies(MDAs) charged with the responsibility of State government revenue collection.
Represented by the Acting Chairman,Internal Revenue Service,and Permanent Secretary, State Budget Office, Pastor Nicholas Ekarika, the Commissioner averred that TSA is a more efficient tool in public finance management, adding that its adoption in the State became imperative to create a platform for pooling and consolidating all government revenue deposits.
Commissioner Nkan added that the benefits of operating TSA mechanism in the State are enormous as it has not only entrenched transparency and accountability in public accounting system, but has safeguarded the internally generated revenue(IGR) against leakages and diversion,ensured proper monitoring of receipts and expenditure, as well as efficiency in cash management and planning.
He said government would continue to work closely with stakeholders in revenue sub sector to sustain the TSA policy and sued for continuos support and cooperation of all concerns for its effective implementation.
The Permanent Secretary in the Ministry of Finance,Mrs Eme-ete Imuk stated that the meeting was geared towards performance appraisal of the Revenue MDAs in order to chart the way forward for the new year.
She called on representatives of the MDAs to present their scorecards for 2016, challenges and ,projections for 2017, as well as action plan towards achieving revenue targets.
On his part, the Acting Accountant-General of the State, Pastor Uwem Andrew-Essien spoke on the workability and efficacy of TSA system and the need for stakeholders to be on the same page with state government to achieve more positive result.
Some of the speakers during the meeting appreciated the State government for the innovation and called for more enlightenment on TSA operation.
Also in the meeting were the Permanent Secretary, Ministry of Housing and Special Duties , Engr. Efiong Efiakedoho as well as representatives of the State Revenue Consultancy firm, Rom-Flex Company Limited.
Treasury Single Account is a public accounting system under which all government revenue, receipts and income are collected into one single accounts.
Ministries, Departments and Agencies are expected to transfer funds generated by them through their respective commercial banks to this main account either on a daily, weekly or monthly basis.