BREAKING: President Tinubu Pulls FCT Out Of Treasury Single Account

President Bola Tinubu has pulled the Federal Capital Territory Administration (FCTA) out of the Treasury Single Account (TSA).

This, he said, would allow Nyesom Wike-led FCTA to use the territory’s Internally Generated Revenue IGR for the development of the nation’s capital.

Wike, who disclosed this at a news conference in Abuja on Friday, also said the President has approved the creation of the FCT Civil Service Commission.

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.