TSA Policy Takes Effect In A’Ibom, Garners Support 

… Accountant General To Close All MDA’s Accounts
UYO 
Gov Umo Eno of Akwa Ibom State has received accolades for the introduction and implementation of the Treasury Single Account (TSA), by all arms of the government and stakeholders.
  In a move, typical of the governor, to always try to get everyone on same page regarding developments in the State, at his instance, had summoned a somewhat emergency meeting with all government revenue generating agencies and allied stakeholders in the state, in Uyo, where the policy was examined, analyzed and given a nod to set rolling.
   After impressive presentations by the commissioners of finance, Mr Emem Bob, and that of digital economy, Dr. Frank Ekpenyong, alongside the Accountant General of the state, Pastor Uwem Andrew Essien, the attendees were left without doubt, as to the need and significance of the introduced policy.
   Other stakeholders in attendance at the meeting, who aired their consent and adoption of the TSA Policy, were the state chapter of the Association of Local Government of Nigeria (ALGON), the State House of Assembly, the Judiciary, amongst others.
   Consequently, the governor directed the accountant general to close all accounts held by MDAs, while pardoning the MDAs for funds collected and withdrawn from their accounts up till the time of the meeting.
  The governor did not fail to sound it out that any deviation from the operation of the TSA guidelines, by the MDAs, shall incur the wrath of the Economic and Financial Crimes Commission (EFCC).
   He went on to highlight the numerous benefits inherent in the operation of a single treasury account to include the potential to be able to negotiate favourable interest rates with the bank through which all the funds collected by all revenue generating agencies in the state is routed to the government’s AkwaRemit payment platform, which is the only designated and authorized payment platform for collection of monies by all MDAs and other revenue generating points in the state.
   This interest rate benefit of the TSA is premised on the volume of deposit that will be held by the bank and which will serve as the government’s bargaining strength, and can also be used to secure favourable interest rates for the MDAs themselves and other government needs, where need be.