BY UBON EKANEM, CALABAR – Cross River State government is positive of better days ahead with its revenue base recording tremendous boost through the 20.4 million dollars grant from the World Bank funded States Fiscal Transparency, Accountability and Sustainability (SFTAS) programme.
The State Commissioner for Finance, Mr Asuquo Ekpenyong Jnr said through conscious efforts and proactive measures, the South South state met the eligibility criteria for the 2019 programme and accordingly pre-qualified for the detailed annual performance assessment of all qualified states under SFTAS.
The assessment exercise, conducted in September 2020 by the Independent Verification Assessors (IVA) from the office of the Auditor General of the Federation and JFR Consult, indicated that Cross River achieved six Disbursement Linked Indicators (DLRs), out of nine applicable DLRs for 2019.
He stated that with an above average rating in the remaining three DLRs, the State raked in 100 per cent mark to benefit from the year 2020 additional financing project.
Addressing journalists in Calabar, the Cross River capital, Ekpenyong said the report observed that the State has indeed strengthened its Internally Generated Revenue (IGR) collection; implemented biometric Verification to reduce payroll fraud; and improved its procurement practices for increased transparency.
Similarly, the Commissioner said the State is also credited with reinforcing its public debt management and fiscal responsibility framework; improving debt sustainability and instituting a more transparent budgeting process during the fiscal year under review.
Consequently, he commended SFTAS State Steering Committee members for their untiring efforts in bringing the state machinery up to speed towards achieving resounding success in the programme.
The Steering Committee comprises the Ministry of Finance; Internal Revenue service; Office of Accountant General; Bureau of Due Process; Debt Management Department; and Auditor General’s Office.
The Commissioner also said; “the Independent verification success is a confirmation of the State Governor’s commitment to transparency and fiscal performance”.
SFTAS programme is a product of mutual agreement between the Federal Government and the World Bank, designed to strengthen the fiscal transparency, accountability and sustainability in the country as a way of improving their revenue base, increasing fiscal efficiency in public expenditure and reducing debt overhang.
Now in its third year, SFTAS is a four year programme running from 2018 to 2022, with a budget size of $750 million.
