Former Vice President Atiku Abubakar has sharply criticised the Federal Government’s recent appointment of Xpress Payments Solutions Limited as a collecting agent under the Treasury Single Account (TSA), describing the move as a troubling return to the controversial revenue practices that dominated Lagos State for decades. In a statement released on X (formerly Twitter), Atiku alleged that the decision mirrors the “Alpha Beta model,” which, according to him, entrenched a monopoly over state revenue collection and concentrated financial power in the hands of politically linked private actors.
Atiku expressed concern over what he called the secrecy surrounding the appointment, arguing that such a major shift in national revenue administration should have undergone broad public scrutiny, stakeholder engagement, and full transparency. Instead, he said, the government opted for what he termed “governance by stealth,” quietly awarding a sensitive national assignment to a private company without adequate accountability measures. According to him, this signals a concerning tendency by the current administration to centralise fiscal control in ways that could erode democratic checks and balances.
He warned that the development risks converting Nigeria “from a republic into a private holding company,” where a small group of vested interests can influence or control critical channels of public finance. Atiku insisted that far from representing innovation or reform, the appointment amounts to “state capture masquerading as digital transformation.” He stressed that digital tools must not become a smokescreen for practices that undermine transparency, noting that Nigerians have seen such patterns before and should remain vigilant.
The timing of the move, Atiku added, highlights what he described as poor judgment on the part of the government. He said the decision was taken at a moment when the nation is grieving widespread deaths and grappling with deteriorating security conditions. According to him, this makes the perceived lack of sensitivity even more troubling, as citizens expect the government to prioritise safety, stability, and clarity in governance rather than controversial fiscal arrangements.
The Federal Inland Revenue Service (FIRS) recently announced the appointment of Xpress Payments as a collecting agent for payments made through the TaxPro Max platform into the TSA. The Acting Managing Director of Xpress Payments, Wale Olayisade, welcomed the endorsement from FIRS, describing it as confirmation of the company’s technological competence and its capacity to enhance taxpayer experience. He assured Nigerians that the firm would provide seamless, secure, and efficient payment processing services to support government revenue mobilisation.
However, the concerns raised by Atiku come against the backdrop of recent revelations by the Minister of Finance, Wale Edun, who disclosed that billions of naira belonging to the Federal Government were still outside the TSA as recently as August 2025, despite longstanding directives to consolidate public funds. The minister noted that plugging revenue leakages remains a major pillar of the administration’s fiscal reform agenda. He also highlighted the introduction of a central billing system from October 1, aimed at enabling real-time reconciliation of government payments.
Atiku’s critique suggests a deeper political and economic debate about the role of private intermediaries in public revenue collection, the safeguards needed to prevent abuse, and the broader implications for national financial governance. His comments indicate that the controversy around the TSA appointment is likely to remain a significant public policy issue in the weeks ahead.
Emmanuel Bassey is a Financial Expert that has worked in the Banking and Finance Industry for over 15+ years across different banks in Nigeria
