In a surprising turn of events, President Bola Tinubu has announced that the Federal Capital Territory Administration (FCTA) will no longer be a part of the Treasury Single Account (TSA) system.
This decision, disclosed by FCT Minister Nyesom Wike at a press conference in Abuja, grants the FCTA the freedom to utilize its Internally Generated Revenue (IGR) for the development of the nation’s capital.
The TSA, implemented in 2015, was introduced by the Federal Government as a means to enhance transparency and accountability in managing government finances. This policy mandates that all government revenue be deposited into a single account, known as the Consolidated Revenue Account (CRA) at the Central Bank of Nigeria (CBN).
Moreover, Tinubu has also given his approval for the establishment of the FCT Civil Service Commission, a move that allows for staff career progression within the FCTA.
This new Commission provides Wike with greater authority over appointments, promotions, and discipline of civil servants in the FCT.
As a result of the FCTA’s exemption from the TSA and the introduction of the Civil Service Commission, Minister Nyesom Wike now holds additional powers in his capacity.
