Akwa Ibom Adopts Treasury Single Account To Fight Financial Leakages

In a move aimed at blocking leakages, personnel frauds and other financial maladministration, the Akwa Ibom State government has stepped up efforts to strengthen fiscal discipline and transparency.

The Commissioner for Finance, Emem Almond Bob, disclosed that such discrepancies had become more worrisome, necessitating a strong push towards the full implementation of the Treasury Single Account (TSA) across all Ministries, Departments, and Agencies (MDAs) of the government.

Speaking while declaring open a one-day stakeholders’ sensitisation engagement on the TSA, in Uyo, the state capital, Bob said government could not afford to lag in imbibing international best practices in public financial management, noting that the policy was being pursued in strict alignment with the directive of the governor, Pastor Umo Eno.

He disclosed that Akwa Ibom fell short on TSA compliance in the 2024 Public Financial Management Assessment Report, adding that findings by the State Fiscal Responsibility Board revealed that a significant portion of the State’s Internally Generated Revenue (IGR) was not being swept into the Consolidated Revenue Account.

According to him, the full implementation of the TSA had therefore become imperative to reverse the trend and tighten the State’s financial management architecture.

“The Treasury Single Account is a unified structure of government bank accounts that enables the consolidation and optimal utilisation of government funds,” the commissioner said, explaining that the system would entrench transparency and accountability, improve cash management, ensure funds availability, minimise the cost of domestic borrowing and block loopholes in revenue collection.

In a complementary presentation, Frank Ekpeyong, Commissioner for Science and Digital Economy, announced that the TSA digital platform, branded Akwaremit, would be launched in January. He assured stakeholders that the platform would be secure and serve as the central channel for remittance of all government-accrued revenues.

Ekpeyong said the platform would enhance transparency, reduce revenue leakages, provide MDAs with user-friendly tools, and deepen digital governance in the state, urging all MDAs and stakeholders to align with the governor’s directive fully.

Also speaking, the Executive Chairman of the Akwa Ibom State Internal Revenue Service, Mr. Okon Okon, and the State Accountant-General, Pastor Uwem Andrew, in separate remarks, reaffirmed their commitment to the full rollout of the TSA framework.

The engagement featured an interactive session during which participants raised questions that were addressed by the commissioners for Finance and for Science and Digital Economy.

The event drew a broad spectrum of stakeholders, including commissioners, special advisers, permanent secretaries, directors and account officers of relevant MDAs, as well as representatives of the Nigeria Union of Journalists, civil society groups and other critical partners.