President Bola Tinubu has made a significant move by withdrawing the Federal Capital Territory Administration (FCTA) from the Treasury Single Account (TSA). This decision will empower the Nyesom Wike-led FCTA to utilize the territory’s Internally Generated Revenue (IGR) for the development of the nation’s capital.
Nyesom Wike, the governor of Rivers State, revealed this development during a news conference held in Abuja. In addition to the FCTA’s exit from the TSA, President Tinubu has also given his approval for the establishment of the FCT Civil Service Commission. This commission will play a pivotal role in facilitating the career progression of FCT Administration staff.
The Treasury Single Account (TSA) was introduced during President Muhammadu Buhari’s administration as a measure to address financial irregularities, enhance accountability, consolidate government revenues, and facilitate effective tracking of these funds. It aimed to streamline government finances by centralizing various accounts into a single treasury account. President Buhari emphasized the importance of this policy in ensuring transparency and accountability in government finances.
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However, President Tinubu’s decision to exempt the FCTA from the TSA reflects the need for flexibility in managing financial resources at the regional level. This move is expected to provide the FCTA with more control over its Internally Generated Revenue, enabling it to invest in the development of the federal capital.
It’s important to note that the decision to withdraw from the TSA is significant, as it signifies a shift in financial management strategies and highlights the importance of tailoring financial policies to regional needs. The creation of the FCT Civil Service Commission will also contribute to the professional growth and development of the FCT Administration’s workforce.
As with any financial policy change, it will be crucial to monitor the impact of this decision on the FCT’s financial management and development initiatives.
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