The Federal Government on Thursday advised state governments to adopt the Treasury Single Account (TSA) to enhance economic development.
The Minister of Budget and National Planning, Sen. Udoma Udo-Udoma, gave the advice when he met with states’ Commissioners for Economic Planning and Budget/Chief Executives of States Planning Commission in Abuja.
Udo-Udoma said the federal government had also started implementing the TSA system which had so far provided greater visibility of government revenues and cash flows.
“It is re-assuring to note that the reforms being implemented in these agencies are already yielding positive results.
“It is gratifying to note that the Kaduna State Government made substantial savings of about N24 billion by vigorously implementing the TSA.
“The states are encouraged to adopt a similar strategy in financing their budget,’’ the minister said.
Udo-udoma, however, urged state governments to make effort at enhancing Internally Generated Revenue (IGRs) and block financial leakages in their states.
The minister told them that the federal government was committed to institutionalising strategic planning, monitoring and evaluation system in the country.
“In this regard, the process of developing the Successor Medium Term Strategic Plan 2017-2020 has commenced, under the coordination of the ministry.
“The plan is also to guide the annual budget preparation process.
“This is expected to fully mainstream the interventions of UN Sustainable Development Goals (SDGs) and the `Change Agenda’ of government.
“The major pillars of the SDGs are economic, social development, infrastructure, governance, environment and states, and regional development.
“I invite the states ministries to work closely with the Ministry of Budget and National Planning in this important task to developing the Successor Medium Term Plan for the country,’’ he said.
According to him, Nigerian economy is one and it is critical that all tiers of government work together to achieve the national vision.
In her remarks, the Permanent Secretary in the ministry, Mrs Fatima Mede, said that the meeting was expected to serve as a veritable platform to sensitise the commissioners on current national development.
Fatima said that the meeting was expected to serve as a platform for collaboration between the federal and state governments for effective development of policies and programmes.
The permanent secretary said the meeting would also serve as a forum to brainstorm on effective implementation of policies, programme and projects at the national and sub national levels.
“It is our belief that the successor plan will pave way for effective transformation of the economy, including addressing the lingering international oil price decline, and associated revenue receipts to the country.
“It is therefore urged that states should develop credible medium term plans, which will serve as basis for articulating their annual budgets,’’ she said.
In addition, Mede said that the meeting was designed to review the level of achievement of key recommendations arising from the last Joint Planning Board (JPB)/National Council on Development Planning (NCDP) held in Anambra in 2015.
Participants at the meeting were shared into six major groups to discuss the state of the economy, optimising international development and national social safety.
Other areas focused on by the syndicate groups were on nature of technical support that states may need from the federal government, planning of retreats and hosting of mini JPB and NCDP