President Bola Tinubu has finally pulled out the Federal Capital Territory Administration, FCTA, from the Treasury Single Account, TSA.
The development by the President will effectively paving way for the FCT Minister, Nyesom Wike, to utilize the territory’s Internally Generated Revenue IGR for the development of the nation’s capital.
At a news conference on Friday in Abuja, Wike also disclosed that the President has approved the creation of the FCT Civil Service Commission to allow for staff career progression.
The Central Bank of Nigeria (CBN), in exercise of its powers, as provided in the CBN Act, 2007, Section 47, sub section 2(2d), is in charge of the management and operation of the Treasury Single Account (TSA), hosted with the CBN, by State Governments whereby each State Government selects any TSA model of its choice.
