FCTA Begins Implementation On Exit From TSA To Commercial Banks

By: Prudence Okonna & Sunday Shekwonya

The Federal Capital Territory Administration (FCTA) has concluded arrangements to begin the implementation of exit from the Treasury Single Account (TSA) to Commercial Banks to improve revenue Collection and remittance.

This was disclosed 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.

The Director said the training is organized by the FCT Administration to enable the various Secretaries, Departments, and Agencies (SDAs) to have a hitch-free transition from the TSA to Commercial Banks and improve the internally generated revenue of the Administration.

Unigwe explained that the training was 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.

She further explained that 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 Director said 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.

She added that 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.

Also speaking during the event, the General Manager, Access Bank Plc, Abuja, Nsikak Usoro, said one of the benefits of the transition from TSA to Commercial Banks is that it will help to increase the rate of revenue generation into FCTA coffers by making all revenue collection approaches easier and faster.

He emphasized that the involvement of Commercial Banks in the FCTA Revenue generation system is a prudent strategy towards boosting the revenue generation for the Administration, especially through the informal sector.

In his remarks, Head of Revenue and Tax, FCTA, Musa Baba Isah, enjoined the FCT revenue agencies as well as staff to put into practice what they have learned in the training exercise in order to witness unprecedented revenue generation era.

Recall that on October 13th 2023, the FCT Minister, Nyesom Wike, revealed during a Press Conference that President Bola Ahmed Tinubu, had approved the removal of the Federal Capital Territory from the Treasure Single Account, a move expected to allow the FCT to facilitate its development with the use of its internally generated revenue.