Sunday, May 22, 2016 6:53 pm
Enugu State Government says that it has saved N1 billion in a year due to the deployment of Treasury Single Account (TSA) in its financial management.
The Commissioner for Finance and Economic Development, Mrs Eucharia Uche-Offor, disclosed this on Sunday in Enugu.
She that the TSA had tremendously helped the government in blocking financial leakages.
“In an effort to block the leakages, Enugu State started the use of Treasury Single Account model in the collection of its Internally Generated Revenue (IGR).
This was aimed to strengthen the pay-direct system that was in use since 2009.
“This method has helped to block observed leakages and hence has brought about increase in the IGR of the state.
“So, from the deployment of the TSA, we have saved up to N1 billion in the last one year since the inception of Gov. Ifeanyi Ugwuanyi’s administration.
“Due to the usage of the TSA, we have really made tremendous savings in the state,’’ she said.
Uche-Offor said that TSA had helped the state to warehouse all its revenue receipts as well as understood the dynamics of cash inflow.
She said that once the funds were warehoused, the ministry in the same vein, made immediate cash return to the accounts of ministries, departments and agencies which required cash for their daily functions.
“TSA has become a veritable instrument of cash flow and control mechanism of the state government, thus increasing financial discipline in the government system as a whole.’’
The commissioner said that the state would soon stop all cases of multiple taxation.
“The state is working toward handling cases of multiple taxes through inter-agency collaboration and harmonisation of taxes payable by all concerned.Work on this is still in progress.’’
The commissioner said that the state government had been able to meet its obligations, especially payment of workers’ salary due to its uncompromising financial management and expansion of its revenue base.