President Bola Tinubu has removed the Federal Capital Territory (FCT) Administration from the Treasury Single Account (TSA), effectively giving the FCTA more control over its finances.
The decision will effectively pave 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.
The President also approved the establishment of the Civil Service Commission (CSC) in the FCT Administration.
