President Bola Tinubu has removed the Federal Capital Territory Administration from the Treasury Single Account.
The decision was announced at a news conference in Abuja on Friday by the FCT Minister, Nyesom Wike.
The Treasury Single Account is a government policy that mandates all government revenue to be deposited into a single account.
The policy was introduced in 2015 to enhance transparency and accountability in government finances.
Speaking at the press conference, Wike, said “The city is 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 option is that we must pull out.”
Wike added, “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 complaining about insecurity, lack of electricity, and poor roads will soon be a thing of the past. You will see the progress, and you will appreciate it.”
In addition to pulling the FCTA out of the TSA, President Tinubu has also approved the creation of the FCT Civil Service Commission.
The new commission will be responsible for overseeing the careers of civil servants in the FCTA.
