President Bola Tinubu has withdrawn the Federal Capital Territory Administration (FCTA) from the Treasury Single Account (TSA) system.
The President said the move is intended to allow the Nyesom Wike-led FCTA to utilize the internally generated revenue (IGR) of the territory for the development of the nation’s capital.
Wike made this disclosure during a news conference held in Abuja on Friday.
He also revealed that the President has granted approval for the establishment of the FCT Civil Service Commission, a development aimed at facilitating the progression of staff within the FCT Administration.
READ ALSO: Tinubu appoints 14 new CEOs for agencies in Ministry of Industry, Trade, Investment
Recall that President Muhammadu Buhari’s administration had introduced the TSA to address irregularities, ensure accountability, curb the incessant number of accounts and enable the 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.