Akwa Ibom Finance Commissioner Reveals Over 20% of State’s 2024 Revenue “Not Remitted”

The Akwa Ibom State Government has admitted that more than one-fifth of its Internally Generated Revenue (IGR) for 2024 never reached the state’s official account.

The Commissioner for Finance, Mr. Emem Bob, disclosed the alarming shortfall, stating that over 20% of revenue collected by various ministries, departments, and agencies (MDAs) was not swept into the State Consolidated Revenue Fund.

This failure, he declared, not only breaches international financial management standards but has also damaged the state’s fiscal reputation nationally.

The disclosure was made during a high-stakes sensitization workshop, focusing on the imminent full implementation of a Treasury Single Account (TSA) system, dubbed AkwaRemit, in Uyo at the weekend.

“Akwa Ibom State fell short… as more than 20% of the State IGR was not swept into the State Consolidated Revenue Account,” Bob stated, citing the damning evidence from the 2024 Public Financial Management Assessment Report and the state’s own Fiscal Responsibility Board. He warned that this practice “undermined the State’s Revenue Generation Status at the national level.”

Positioning the TSA as the critical solution, Commissioner Bob insisted that its immediate implementation is non-negotiable for plugging these leaks. He described the TSA as a unified banking structure designed to consolidate all government funds, ensuring centralized, transparent, and accountable revenue management.

“The TSA is to block loopholes in revenue management and establish an efficient disbursement and collection mechanism for government funds”. He said.

He assured stakeholders of the government’s full commitment to the project.

The event, attended by top state officials including the Commissioners for Science & Digital Economy, Transport, and Health, as well as the Accountant-General and heads of MDAs, presented a united front for the financial overhaul.

Dr. Frank Ekpenyong, Commissioner for Science & Digital Economy, demonstrated the user-friendly AkwaRemit platform, while the Executive Chairman of the Akwa Ibom Internal Revenue Service (AKIRS), Sir Okon Okon, urged full cooperation. He noted that the federal government and other states are already benefiting from similar TSA systems.