President Bola Tinubu has pulled the Federal Capital Territory Administration out of the Treasury Single Account.
This move is expected to pave the way for enhanced progress and growth of the FCTA under the leadership of Nyesom Wike, and give him more control over finances.
The move, which allows Wike greater financial autonomy over the FCT, was announced at a news conference on Friday in Abuja.
The TSA, a Federal Government policy that requires all government revenue to be deposited into a single account, was introduced in 2015 to improve transparency and accountability in government finances.
“The city not growing as it should, you have projects littered up and down. Projects are awarded without financial backup. So many projects as far back as 2002, what is responsible? The government joined the single treasury account, where all accounts will be in the central bank.
“Now the central bank cannot give us loans, even the IGR is spent as it comes, you cannot tangibly do anything with it. so I said to Mr. President, if you want FCT to carry out the infrastructural projects then the best is that we must pull out,” Wike said.
The minister further stated, “You’ll see from next year, it will be projects upon projects in FCT. What you saw in Port-Harcourt will be a small thing. So those crying of insecurity, no light, and no road will be a thing of the past. You will see the road and you will run.”
