Tinubu Approves Wike’s Request to Exclude FCT from Treasury Single Account (TSA)

Nyesom Wike, the Federal Capital Territory (FCT) minister, has announced that President Bola Tinubu has granted permission to remove Abuja from the Treasury Single Account (TSA). Wike revealed this during a press conference in Abuja on Friday.

The TSA, designed to centralize government bank accounts for streamlined financial management, was initiated by the federal government in September 2015. Wike explained that the TSA had presented challenges for the FCTA in securing funds for projects, resulting in numerous unfinished projects in the capital over the years.

He further noted that leaving the TSA would enable the administration to secure commercial loans for vital infrastructure projects, a step that had been difficult due to concerns about repayment.

Wike stated, “The city isn’t growing as it should, with projects left incomplete. The government joined the single treasury account, where all accounts are held in the central bank. Now, the central bank cannot provide us with loans, and even the internally generated revenue (IGR) is spent as it comes in, limiting tangible development. So, I proposed to Mr. President that if we want the FCT to carry out infrastructure projects effectively, we must opt out of the TSA.”

He concluded by saying, “From next year, you’ll see a surge in projects in FCT. What you witnessed in Port-Harcourt will pale in comparison. Concerns about security, lack of electricity, and poor road infrastructure will become a thing of the past. You will see improved roads, and your concerns will be addressed.”