The State Finance Commissioner, Mr. Akan Okon has canvassed massive support for effective implementation of the new policy of Treasury Single Account in Public Finance Management system.
The Commissioner made the call when he presented a paper on the topic TREASURY SINGLE ACCOUNT; THE WAY FORWARD ,at the International Management and Finance Institute(IMFI) in Uyo, on Friday.
Describing Treasury single account as a public accounting system under which all government revenue, receipts and income are collected into one account domiciled with CBN, the Commissioner pointed out that it has become an indispensable mechanism which government has deployed to establish centralized control over its revenue.
He said all revenue-collecting Ministries, Departments and Agencies are to remit their revenue accruals into this single account through their individual commercial banks which must be completely zerorized at the end of every banking day. Okon enumerated the enormous benefits of TSA to include accountability and transparency of all government revenue,blockage of leakages and diversion of funds,efficiency in cash management,proper monitoring of receipts and expenditure etc, calling for collaborative efforts to ensure its success in the State.
Meanwhile, the Commissioner has lauded the proprietor for sustaining the tempo of quality education in the institution over the years,charging the students to key into the Dakkada initiative by being focused and hardworking in their educational pursuits so as to actualize their lives’ goals and objectives.
The occasion featured a challenge on Dakkada recitation won by a student of IMFI, Umoren Samuel who was awarded cash prize of N250,000, courtesy of the Finance Commissioner, Mr. Akan Okon.