President Bola Ahmed Tinubu has granted approval for the Federal Capital Territory Administration to be pulled out from the unified Treasury Single Account, TSA, with immediate effect.
Nigeria, in 2015, introduced the TSA, as a public accounting system which allows for a single account to ensure all revenue receipts and payments are done through a Consolidated Revenue Account, CRA, at the Central Bank of Nigeria.
The FCT Minister, Nyesom Wike, who announced the development at a press statement on Friday, stated that the development will allow the FCT Administration have more access to fund projects.
Wike, while commending the president for taking the bold step, said the removal of TSA will also help address the issues of uncompleted projects littered across the territory.
“Central bank cannot give us loan, and even the IGR are spent as they come, which you cannot tangibly do anything with it.
“I said to Mr. President if you want FCT to really 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. And we need money to do projects, I can’t go to the Central Bank to give us money, and can’t go to the commercial banks, they will ask how do you pay back? So, I said we must pull out, that’s the only way, we can survive it.
“Mr. President graciously agreed with us and approved that we should pull out from the Single Treasury Account. 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 foresight.”
The President also approved the implementation of an FCT Civil Service Commission which will be responsible for appointment, promotion and discipline of workers in the FCT Administration.
This development is coming five years after the National Assembly passed the FCT Civil Service Commission bill into law. The law enables FCTA Civil Servants to rise to the peak of their career.
The President also approved the creation of a secretariat for women affairs to cater for the needs of women and children as obtainable in the states.
“In 2018, the NASS pass a bill into law which was accented to by former Vice President Yemi Osinbanjo which allow the FCT to have a Civil Service Commission but many people don’t have the will power to implement it.
“After how many years this fight has been on but in few months Mr President has been able to take the bold decision of approving these 3 key issues.”
He urged citizens to embrace the development as they are in the overall interest of the territory.
“People may kick against it but it is about the interest of the city, about the interest of Civil Servants and interest of women in the FCT.”