The signing of Executive Order 005, 2019 and implementation of the Treasury Single Account, TSA, by the Imo State governor, Rt. Emeka Ihedioha, has once again rekindled the hope that the state is poised to pluck the leakage in its treasury.
Governor Ihedioha while performing the ceremony on Wednesday, said the state’s multiple accounts of nearly 250 is unacceptable, reiterating the need to monitor what accrued to the state.
It could be recalled that the Imo State government prior to the new TSA policy, operated several accounts making it impossible to monitor the revenue of the state. This inadventedly affected the state’s revenue base while making a few government officials stickingly rich.
Ihedioha has demonstrated that his Rebuilding Imo Agenda is genuine by adopting the Treasury Single Account (TSA) recommended by the Finance committee, headed by the retired Director General of the country’s Debt Management Board (DMB) Dr. Abraham Nwankwo.
Indeed, this is one action taken by the new administration, which is not only right but very apt and which will help revitalize the ailing economy of Imo state. For Imo state to run over 250 different bank accounts for one state is absolutely absord. We, therefore doff our hearts for Governor Ihedioha for decisively closing all the numerous accounts, while maintaining the Treasury Single Account (TSA).
Infact, a peep into the findings of the Finance committee reveals so much absurdities in the handing of the states finances. There were some funds which had no subheads, determining their sources. Definitely, such funds without subheads were avenues through which the state revenue income was steadily being siphoned.
We want to commend Governor Ihedioha for this bold step in implementing the TSA which will go a long way in helping his administration in policy formulation and implementation. Not only that, the state government will be able to know how much the state earns in terms of revenue and plan in that regard.
Daily Nigerian Horn would while applauding this initiative of a Treasury Single Account, warn that it should not be another avenue for siphoning the state’s finances.
We are aware that such good initiatives like the TSA are often exploited by those responsible for its implementation to loot the treasury of the state. This must not be the case in this administration.
Consequently, we want to advise Governor Ihedioha to scrutinize those who will be in charge of the TSA from the ministries/agencies to the banks to ensure that this noble idea is not abused.