TSA will ensure transparency, probity – Don
The adoption of Treasury Single Account (TSA) by Federal Government will ensure effective and appropriate system of internal financial control and probity, the Head of Department of Banking and Finance, Nasarawa State University Keffi (NSUK) has said.
Associate Professor Uche Uwaleke said while fielding questions from reporters in Keffi that government’s decision to have a single account will put in place a system of fairness and address corrupt tendencies at the federal level.
He advised government to continue to identify financial loopholes that encourage corruption in the system, and also improve the state of security in the country, saying foreign investors shun countries with high level of corruption and insecurity.
He said the significant improvement in electricity generation and transmission in the country “will help reduce headline inflation from the current 9.3%, reduce the cost of doing business especially for the micro, small and medium enterprises, promote entrepreneurship and lead to job creation in the long run.”
On the dwindling revenue from the crude oil sector, Uwaleke advised the government to diversify the economy from relying heavily on the petroleum sector to tapping other mineral resources as well as investing heavily in agriculture.
“The negative consequence of the slump in international oil price is a call for our economic managers to put on their thinking cap and explore alternative sources of revenue generation,” he said.