Former Nigerian Vice President Atiku Abubakar has raised concerns over the recent appointment of Xpress Payments Solutions Limited (XPSL) by the Federal Inland Revenue Service (FIRS) for Treasury Single Account (TSA) revenue collection. His criticisms highlight fears of a potential monopoly and lack of transparency in the management of public funds. According to the experts cited in the publication, the situation is becoming critical.
Atiku Voices Discontent Over Appointment
On November 23, 2025, Atiku took to social media platform X to voice his discontent, labeling the appointment as a 'quiet move' that could revive the controversial Alpha Beta revenue cartel from Lagos State. He argued that this decision could lead to a private monopoly over public funds, especially in light of Nigeria's ongoing economic and security challenges.
Atiku's Demands
Atiku's demands included the following:
- the suspension of the appointment
- a full disclosure of the process
- an audit of the TSA
- a prohibition on private intermediaries in revenue collection
Fact Check on Atiku's Assertions
However, a subsequent fact check indicated that while the appointment of XPSL did take place, Atiku's assertions regarding secrecy and monopolistic practices were largely unfounded. The appointment was part of FIRS's broader multichannel tax reform strategy, and there was no evidence to suggest that private entities would control public funds.
In contrast to Atiku Abubakar's concerns over revenue management in Nigeria, major Chinese tech firms have paused their stablecoin initiatives due to regulatory pressures. For more details, see this article.
