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 territoryโs Internally Generated Revenue, IGR, for the development of the nationโs 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 the 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.
The establishment of the Commission will give Wike greater control over civil servantsโ appointment, promotion and discipline in the FCTA.
The removal of the FCTA from the TSA, as well as the creation of a Civil Service Commission for the FCT, will give Wike additional powers as a minister.
