Akwa Ibom State has recorded a significant increase in its Internally Generated Revenue, reaching seven billion naira monthly following the implementation of the Treasury Single Account system, according to Governor Umo Eno. Internally Generated Revenue commonly abbreviated as IGR refers to income generated by a government within its jurisdiction, while Treasury Single Account abbreviated as TSA is a financial management system that consolidates government funds into a single account.
Governor Eno attributed the growth to improved transparency and efficiency in revenue collection processes. He noted that the TSA has helped eliminate leakages and enhance accountability within the system.
Financial experts say the adoption of centralized financial systems can significantly improve revenue management and fiscal discipline. By reducing duplication and unauthorized transactions, governments are better positioned to maximize resources.
The increase in revenue is expected to support development projects across the state including infrastructure healthcare and education.
Stakeholders have commended the initiative while emphasizing the need for continued reforms to sustain growth.
Observers note that effective revenue generation is critical for reducing dependence on federal allocations and strengthening economic stability.
The development highlights the potential benefits of adopting modern financial management practices in governance.
Analysts believe that sustained implementation of such systems will be key in achieving long term fiscal sustainability.
