CROSS RIVER STATE MINISTRY OF FINANCE COMMENCES PREPARATION FOR SFTAS 2020 ANNUAL PERFORMANCE ASSESSMENT (APA)

Cross River State has commenced preparations for the annual program assessment of the Federal Government/World Bank STATE FISCAL TRANSPARENCY ACCOUNTABILITY & SUSTAINABILITY (SFTAS) program for results for the 2020 financial year. The SFTAS program for Cross River State operates under the guidance of the Ministry of Finance, with Asuquo Ekpenyong Jr, Commissioner for Finance, acting as Chairman of the State steering committee.

For each year of the Program, in order to be eligible to receive funds for achievement of the disbursement-linked results for that year, states need to achieve the annual eligibility criteria. These criteria aim to help states achieve fiscal milestones including improved financial reporting, improved citizen’s participation in budgeting, strengthening internally generated revenue, and improved debt management capabilities amongst others. For the 2019 assessment program, Cross River State earned $20.4million in grants.

In addition to the grants received, the tireless efforts of the entire finance cluster have resulted in an improvement in the fiscal profile of the state. Some of these gains include Cross River state being placed 8th in the fiscal performance index for the year 2021 as ranked in the state of the States assessment carried out by BUDGIT, as well as placing 12th in internally generated revenue for the period January to June 2021 with a figure of 14.8bn.

The Commissioner for Finance, Asuquo Ekpenyong Jr while speaking to reporters stated that “over the course of the fiscal year, Cross River State has strengthened its Internally Generated Revenue (IGR) collections, passed a robust & comprehensive Audit Law in line with International best practices, implemented biometric registration and verification to reduce payroll fraud; improved its procurement practices for increased transparency and value for money; strengthened its public debt management and fiscal responsibility framework; improved debt sustainability and instituted a more transparent budgeting process.” The state is confident that in 2022, the fiscal position of the State will improve further.

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