Akwa Ibom IGR Surges to N7 Billion Monthly After Treasury Single Account Reform Governor Umo Eno Highlights Fiscal Turnaround!

Reported by Mustapha Omolabake Omowumi (Journalist) | Sele Media Africa

Akwa Ibom State has recorded a significant leap in its internally generated revenue (IGR), rising from approximately N2 billion to N7 billion monthly within three months, following the implementation of the Treasury Single Account (TSA) system. Governor Umo Eno disclosed the development, describing it as a critical milestone in the state’s fiscal reform agenda and a testament to improved financial transparency and accountability.

The TSA, a public financial management reform that consolidates all government revenues into a single account, has been widely adopted across Nigeria to curb revenue leakages and enhance oversight. In Akwa Ibom, the policy appears to be delivering measurable results at an accelerated pace.

Speaking on the revenue performance, Governor Eno noted that prior to the TSA rollout, the state’s monthly IGR hovered around N2 billion, constrained by fragmented collection systems and inefficiencies. However, with the full enforcement of the TSA framework, revenue streams have been streamlined, resulting in a more than threefold increase in monthly inflows.

According to the governor, the reform has eliminated multiple accounts previously operated by ministries, departments, and agencies (MDAs), thereby reducing opportunities for diversion of funds and improving the traceability of public finances. He emphasized that the new system ensures that all revenues are centrally monitored, enabling the government to make more informed fiscal decisions.

Economic analysts note that Akwa Ibom’s experience reflects a broader trend in Nigeria, where subnational governments are increasingly turning to institutional reforms to boost internally generated revenue amid fluctuating federal allocations. The reliance on statutory allocations largely derived from oil revenues has become less predictable, compelling states to strengthen domestic revenue mobilization strategies.

The TSA policy was first introduced at the federal level under the administration of Muhammadu Buhari and has since been recommended for adoption by state governments as part of broader public sector reforms. Its effectiveness, however, has varied across states, depending on the level of enforcement and complementary reforms.

In Akwa Ibom’s case, stakeholders attribute the rapid improvement not only to the TSA implementation but also to enhanced digitalization of revenue collection processes and stricter compliance measures imposed on MDAs. The government has reportedly integrated electronic payment platforms to reduce human interference and improve efficiency.

Fiscal policy experts argue that sustaining the N7 billion monthly IGR will require continuous monitoring, taxpayer engagement, and expansion of the tax base without imposing excessive burdens on residents and businesses. They also highlight the importance of transparency in the utilization of the increased revenue to build public trust.

Civil society organizations have welcomed the development but urge the state government to ensure that the additional revenue translates into tangible improvements in infrastructure, healthcare, education, and social services. They stress that fiscal reforms must ultimately deliver inclusive economic growth and improved living standards.

Akwa Ibom’s revenue surge has attracted attention from policy observers and development institutions, who view it as a potential model for other states seeking to optimize their revenue systems. However, they caution that replicability will depend on political will, institutional capacity, and the ability to enforce compliance across government entities.

Several reputable media outlets, including Premium Times, The Punch, and Vanguard, have reported on the development, highlighting the implications for fiscal sustainability and governance at the subnational level.

As Nigeria continues to grapple with economic uncertainties and revenue volatility, Akwa Ibom State’s recent gains underscore the growing importance of structural reforms in public finance management. Whether the momentum can be sustained will depend on consistent policy implementation and the government’s ability to translate revenue growth into measurable socio-economic outcomes.

Sources: Premium Times; The Punch; Vanguard

Mustapha Labake Omowumi

Mustapha Labake Omowumi is a journalist from Ibadan, Oyo State, and a graduate of the Nigeria Certificate in Education (NCE) in Economics and Mathematics. He demonstrates a strong commitment to professional journalism, with a keen interest in writing and storytelling, guided by principles of self-discipline, accuracy, and trustworthiness.

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