Tinubu Exempts FCTA From Treasury Single Account, Approves Civil Service Commission | Cliptv Online

President Bola Tinubu Grants Greater Financial Autonomy to FCT Administration

In a significant development, President Bola Tinubu has exempted the Federal Capital Territory Administration (FCTA) from the Treasury Single Account (TSA), allowing it to utilize the Internally Generated Revenue (IGR) of the nation’s capital for its development initiatives. This directive was confirmed by Nyesom Wike, the head of the FCTA, during a press conference in Abuja on Friday. Wike also revealed that President Tinubu has given his approval for the establishment of the FCT Civil Service Commission, a move aimed at facilitating the career progression of FCT Administration staff.

The Treasury Single Account (TSA) was originally introduced by President Muhammadu Buhari’s administration as a means to streamline financial processes, address irregularities, ensure accountability, reduce the multitude of government accounts, and enhance the tracking of government revenues.

In response to the policy, President Buhari emphasized the need for transparency and financial accountability. “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,” President Buhari said.

With this move, President Tinubu’s administration is opting to grant the FCTA greater financial autonomy to utilize its internally generated revenue for projects aimed at enhancing the development of the nation’s capital. Furthermore, the creation of the FCT Civil Service Commission is expected to streamline staff progression within the FCT Administration. These measures reflect the commitment to adapt and optimize government operations to better serve the nation.