President Bola Tinubu has pulled the Federal Capital Territory Administration, FCTA, out of the Treasury Single Account, TSA.
FCT minister, Nyesom Wike revealed this at a news conference on Friday in Abuja.
The decision will effectively pave the way for the FCTA to utilize the territory’s Internally Generated Revenue, IGR, for the development of the nation’s capital.
The TSA, a Federal Government policy that requires all government revenue to be deposited into a single account, was introduced in 2015 to improve transparency and accountability in government finances.
In line with the TSA, all revenue receipts, and all payments by government, go through a Consolidated Revenue Account, CRA, at the Central Bank of Nigeria, CBN.
Tinubu also approved the creation of the FCT Civil Service Commission to allow for staff career progression.