Tinubu Pulls Out FCT From Treasury Single Account

President Bola Ahmed Tinubu has made a significant decision to remove the Federal Capital Territory Administration (FCTA) from the Treasury Single Account (TSA) system. FCT Minister Nyesom Wike announced this development during a press conference in Abuja. This move signifies a pivotal shift as it empowers the FCTA to utilize its Internally Generated Revenue (IGR) for the enhancement of the nation’s capital.

The Treasury Single Account (TSA) was introduced by the Federal Government in 2015 with the aim of enhancing transparency and accountability in government finances. It mandates that all government revenue be consolidated into a single account managed by the Central Bank of Nigeria (CBN). President Tinubu’s decision to exempt the FCTA from the TSA has noteworthy implications, enabling more autonomy in managing the capital’s finances.

In addition to this crucial shift, President Tinubu has also granted approval for the establishment of the FCT Civil Service Commission. This decision paves the way for enhanced control over civil servants’ appointments, promotions, and disciplinary matters within the FCTA, further consolidating the authority of Minister Nyesom Wike in the administration.

This strategic move to withdraw the FCTA from the TSA system and establish a Civil Service Commission reflects a significant exercise of executive powers, providing the FCT with greater financial and administrative independence.