By Solomon Essiet
“The Currency of Leadership is Transparency”. Howard Schultz
Treasury Single Account (TSA) is a government financial policy to use a single bank account for all inflows of funds from all government agencies. The policy is in use in several countries of the world. Such a unified structure is recommended by the IMF, as all government funds are collected in one account, which could reduce borrowing costs, extend credit, and improve the government’s fiscal policy, among other benefits. The IMF also recommends the establishment of a legal basis to ensure its robustness and stability.
The TSA, as a policy, was first proposed by the Federal Government of Nigeria in 2012 under President Goodluck Jonathan’s Administration, and was fully implemented by the Administration of President Muhammadu Buhari, consolidating all inflows from all government agencies into a single account at the Central Bank of Nigeria.
Akwa Ibom State Governor, Pastor Umo Bassey Eno, adopting the policy of Treasury Single Account (TSA), effective January 01, 2026, underscores his unquenchable drive for transparency in governance. Governor Eno, since assumption of office has introduced several policies meant to reduce financial mismanagement in the State by different MDAs, the latest being the implementation of the Treasury Single Account, that will ensure better control, transparency, and efficiency, leading to reduced corruption, revenue leakages, lower borrowing cost, better cash management, improved financial planning, real-time financial oversight, and stronger accountability by consolidating all cash into one single account, preventing idle funds in multiple accounts, and ensuring optimal resource utilisation.
The benefits of the implementation of the Treasury Single Account are enormous, as accountability in governance is guaranteed through such a financial policy. More so, since Governor Eno, came into the office on 29th May, 2023, he is yet to borrow a dime from any bank to run government business, upon this, very audacious projects are ongoing in the State, including construction of over 350 Arise Compassionate Homes to the less privileged across several political wards in the State, with a plan to build about 500 of such homes before the expiration of his first term in office. The Arise Compassionate Home project is people-centric and community-driven in every sense of the words.
Instead of borrowing from banks or foreign organizations to run government business, Governor Eno has recently paid about 35 billion Naira to settle an inherited debt owed by the previous administration in Akwa Ibom State. Ensuring that Akwa Ibom State is totally out of debt. Interest used in servicing such a loan in about two and a half years since his assumption of office would be ploughed back into several projects ongoing in the State. Governor Eno is very judicious in handling government funds. The Treasury Single Account will provide a consolidated view of government cash, making it easier to attract revenue and expenditures, reducing misapplication of funds, and curbing corruption in the system.
With the signing of the 2026 budget of 1.584 trillion Naira into law, the State Government is fully aware that there could be a deficit from the budget along the line. Therefore, it behooves the government to close every avenue that promotes leakages of government funds. That is why the implementation of the Treasury Single Account is considered a new year gift from the Governor to all Akwa Ibomites. This will ensure effective coordination and management of State funds for the good of all citizens. The Treasury Single Account will optimize cash use by eliminating idle balances, reducing reliance on borrowing, lowering transaction costs, and ensuring cash is available for essential payments. It will reduce revenue leakages, block loopholes where funds were lost in the fragmented banking system, thereby increasing overall government revenue.
The Treasury Single Account will also encourage better financial planning processes, real-time monitoring of cash flows, support data-driven decisions, and an effective budgeting system. It will assist in streamlining financial operations, simplify bank reconciliation, and create an efficient mechanism for collecting and disbursing funds.
With the implementation of the Treasury Single Account (TSA), by the Akwa Ibom State Government, effective January 2026, it has become an offence for any ministry to generate funds and also spend them. If any ministry is caught in the web, there would be appropriate sanctions for such an act. Therefore, it is advisable for all ministries and MDAs in the State to urgently key into the financial policy and provide necessary support for the Golden Era administration to succeed in its quest to achieve financial discipline and provide corresponding dividends of democracy to all Akwa Ibom people through effective management of financial resources.
Arise, that same God.
Pastor Solomon Essiet, ACIA writes from Ikot Ekpene Local Government Area, the Raffia City.
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