The Federal Capital Territory Administration (FCTA) has made arrangements to commence its exit from the Treasury Single Account (TSA) to Commercial Banks.
This was made known by the Director of Revenue and Fund, Department of Treasury, Anthonia Unigwe, at a training workshop for Revenue staff of SDA’s on the implementation of the exit from TSA, Central Bank of Nigeria (CBN) to Commercial Banks, Tuesday, at the FCDA Conference Hall, Central Business District, Abuja.
ThisNigeria reports that the FCT Minister, Nyesom Wike, in October 2023, had disclosed that President Bola Ahmed Tinubu approved the removal of the FCT from the Treasure Single Account.
Speaking during the event, Unigwe stated that the training, which was organised by the FCTA, will enable the various Secretaries, Departments, and Agencies (SDAs) to have a hitch-free transition from the TSA to Commercial Banks.
The director also said that the removal of the FCT from the TSA will help to improve collection and remittance of the internally generated revenue of the Administration.
“The training is organized and structured in such a way that resource persons would educate the FCT revenue staff and Desk officers on the FCT Minister’s expectations on strategies to generate revenue and ensure a smooth transition of the process.
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“The system will involve four Commercial Banks, which include Access Bank Plc, First Bank of Nigeria (FBN) Plc, United Bank of Africa (UBN) Plc, and Zenith Bank Plc respectively.
“The recommended Commercial Banks will be receiving their payment through REMITA and the revenue payments will be forwarded to the Access Bank Plc which possesses the FCTA domiciled account for all revenue generations.
“The training is also to inform the public on the automations of its processes to simplify payments for residents and empower the FCT Administration and its SDAs track revenue generation seamlessly,” Unigwe said.
