Tinubu removes FCT from Treasury Single Account

President Bola Tinubu has directed the Federal Capital Territory Administration (FCTA) to exit the Treasury Single Account (TSA). According to him, this move will enable the Nyesom Wike-led FCTA to utilize the internally generated revenue (IGR) of the territory for the development of the nation’s capital.

Wike, revealing this during a press conference in Abuja on Friday, also mentioned that the President has given the green light for the establishment of the FCT Civil Service Commission. This step is intended to facilitate the career progression of FCT Administration employees.

The administration led by President Muhammadu Buhari had initially introduced the TSA to address discrepancies, promote transparency, reduce the multitude of accounts, and enhance tracking of all government revenues.

“When we came into government, we found out that some institutions had hundreds of accounts. How can the Accountant General trace them?

“So, we introduced the Treasury Single Account so that all revenues will be followed and directed to it. This is a very positive way of making sure that revenues can be traced to Treasury Single Account and therefore be accounted for,” Buhari had said while commenting on the motive behind the policy.