Former Vice President Atiku Abubakar has criticised the appointment of Xpress Payments Solutions Limited as a new collecting agent under the Treasury Single Account (TSA), describing it as a “dangerous revival” of the Alpha Beta-style revenue monopoly that operated in Lagos State for years.
This is contained in a statement posted on X (formerly Twitter) on Sunday.
Atiku said the decision, which he alleged was carried out quietly and without public scrutiny, signals an attempt to replicate at the national level a revenue model that created “a private toll gate around public finances” and enriched politically connected actors.
According to him, the move amounts to shifting Nigeria “from a republic to a private holding company controlled by a small circle of vested interests,” warning that the country is witnessing the nationalisation of a template that previously entrenched opaque revenue practices in Lagos.
He faulted the timing of the decision, describing it as grossly insensitive and an act of “governance by stealth” at a moment when Nigerians are mourning widespread loss of lives amid escalating insecurity.
“This is not reform,” Atiku insisted. “This is state capture masquerading as digital innovation.”
Backstory
Last week, the Federal Inland Revenue Service appointed Xpress Payment Solutions Limited, a financial technology company, as Collecting Agent under the Treasury Single Account framework.
Acting Managing Director of Xpress Payment Solutions, Wale Olayisade, lauded the partnership with FIRS, describing it as a milestone that underscores the company’s reliability and innovation in payment solutions. He assured taxpayers of a seamless experience while using the company’s platforms for their remittances.
The appointment enables taxpayers on the FIRS TaxPro Max platform to use Xpress Payments as channel for remitting payments to Federal Government through TSA.
What you should know
In October, the Minister of Finance Wale Edun revealed that billions of naira belonging to the Federal Government remained outside the Treasury Single Account (TSA) until as recently as August 2025.
- He made this known while speaking during a dinner on Fiscal Policy at the 31st Nigerian Economic Summit in Abuja.
- He revealed that despite longstanding directives, substantial government funds remain outside the TSA and are not domiciled at the CBN.
- According to Edun, plugging fiscal leakages and improving public financial management are at the heart of President Bola Tinubu’s reform agenda, which is being implemented in three phases — stabilisation, recovery, and growth.
- As part of this effort, Edun disclosed that the federal government implemented a central billing system from October 1, enabling real-time reconciliation of payments, which he described as a “game changer” for revenue collection.
