Former Vice President Atiku Abubakar has raised concerns over the recent appointment of Xpress Payments Solutions Limited as a collecting agent under Nigeria’s Treasury Single Account (TSA), warning that it mirrors a dangerous revenue monopoly previously seen in Lagos State.
His remarks were shared in a statement on X (formerly Twitter) on Sunday.
Atiku described the appointment as a “dangerous revival” of the Alpha Beta-style revenue model, which he said created “a private toll gate around public finances” and benefited politically connected individuals. He criticized the process, alleging it was carried out quietly and without public scrutiny.
“This is not reform. This is state capture masquerading as digital innovation,” Atiku said, adding that the move shifts Nigeria “from a republic to a private holding company controlled by a small circle of vested interests.”
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He also condemned the timing of the decision, calling it grossly insensitive amid ongoing national insecurity and the loss of lives across the country, framing the move as “governance by stealth.”
Last week, the Federal Inland Revenue Service (FIRS) appointed Xpress Payments Solutions Limited, a fintech company, as a collecting agent under the TSA framework.
Wale Olayisade, Acting Managing Director of Xpress Payments, described the partnership as a milestone, highlighting the company’s innovation and reliability in digital payment solutions. He assured taxpayers of a seamless experience using the company’s platform for remitting payments to the Federal Government.
The appointment enables users on the FIRS TaxPro Max platform to remit payments to the Federal Government through Xpress Payments, directly integrating with the TSA.
In October, Finance Minister Wale Edun disclosed that billions of naira belonging to the Federal Government were still outside the TSA as of August 2025, despite longstanding directives.
Speaking at the 31st Nigerian Economic Summit in Abuja, he emphasized that plugging fiscal leakages and improving public financial management are central to President Bola Tinubu’s reform agenda, implemented in three phases: stabilization, recovery, and growth.
Edun highlighted the introduction of a central billing system from October 1, enabling real-time reconciliation of payments, which he described as a “game changer” for revenue collection and enhancing government oversight of public funds.