The Federal Capital Territory Administration ( FCTA) has been pulled out of the Treasury Single Account (TSA).
The minister of the FCT, Nyeson Wike, who spoke to newsmen today, October 23, said that President Bola Tinubu has approved the move.
According to the minister, the pulling out of the ministry of FCT from the TSA would allow him to use the territory’s Internally Generated Revenue IGR for the development of the nation’s capital.
Wike said that said the President has also approved the creation of the FCT Civil Service Commission.
He said that the new system would allow the progression of staff of the FCT Administration.
Recall that former President Muhammadu Buhari’s administration 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 explaining the motive behind the policy.
