President Bola Tinubu has pulled the Federal Capital Territory Administration (FCTA) out of the Treasury Single Account (TSA), effectively paving the way for the Nyesom Wike-led FCTA to utilise the territory’s Internally Generated Revenue for the development of the nation’s capital.
The minister of FCT, Nyesom Wike who made this known at a news conference in Abuja yesterday, also disclosed that the president had approved the creation of the FCT Civil Service Commission to allow staff career progression.
From the information gathered, major challenges that had affected the effective and efficient implementation of the treasury TSA policy include the inability of the federal government to remit appropriately to the various MDAs; uncertainties underlying federal government’s inactions and actions, bottlenecks/bureaucracies, among others.
The TSA model was introduced to mitigate financial leakages, promote probity, prevent misappropriation of government revenue, and consolidate government accounts in a bid to prevent embezzlement and high-handedness by revenue-generating agencies.
Wike explained how he persuaded President Tinubu to remove the FCTA from the TSA, stating that the Central Bank cannot give FCTA loans, and even the IGR is spent as they come, which they cannot do anything tangibly with.
“I said to Mr. President that if you want FCT to carry out its developmental projects and infrastructure, then it must come out of TSA. We (FCT Administration) are not a revenue-generating agency of the federal government, then what financial linkages are you blocking?
“The revenue comes in, and it will go to the Central Bank of Nigeria (CBN). We need money to do projects; I cannot go to the Central Bank to ask for money, and I cannot go to the commercial banks; they will ask how you pay back.
“So, I said we must be pulled out of TSA, that is the only way we can survive it. Mr. President graciously agreed with us and approved that we should be pulled out from the TSA. You will see that from next year, it will be projects upon projects in FCT.
“And what you saw in Port Harcourt, Abuja would be something else. So, for us, it is one of the happiest days, and we have to thank Mr. President for the foresight. People will kick against it, but it is not personal, it is about the growth of the city, the welfare of civil servants, and the interest of women- our mothers, sisters and wives,” he said.
Wike further noted that the development was the real essence of the Renewed Hope Agenda of President Bola Tinubu and that one of the reasons that he accepted to work with Tinubu was because he had the capacity and political will to do those things that people are afraid of doing.
“The problem of this country is leadership, so many people don’t want to take action as they believe that some people will be angry. There is no action you take that everybody will be happy with, but what is important is that you are guided by law and your conscience,” he said.
We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →
Join Our WhatsApp Channel
