Tinubu Pulls FCTA Out Of TSA

President Bola Tinubu has announced the withdrawal of the Federal Capital Territory Administration (FCTA) from the Treasury Single Account (TSA) system. This decision is set to empower the Nyesom Wike-led FCTA to utilize the region’s Internally Generated Revenue (IGR) for the advancement of the nation’s capital.

Nyesom Wike, speaking at a press conference in Abuja on Friday, unveiled this pivotal development. In addition to this, he also revealed that President Tinubu has given his nod to the establishment of the FCT Civil Service Commission. This significant step is expected to facilitate the career progression of FCT Administration employees.

The Treasury Single Account (TSA) was initially introduced by President Muhammadu Buhari’s administration with the aim of addressing financial irregularities, enhancing accountability, reducing the multitude of government accounts, and ensuring the transparent tracking of all government revenues.

President Buhari himself previously highlighted the importance of the TSA, stating, “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 the Treasury Single Account and, therefore, be accounted for.”

Tinubu’s decision to exempt the FCTA from the TSA has sparked discussions and is expected to have wide-ranging implications for the financial landscape of the Federal Capital Territory.