President Bola Tinubu has removed the Federal Capital Territory (FCT) Administration from the Treasury Single Account (TSA), effectively giving the FCTA more control over its finances.
The President also approved the establishment of the Civil Service Commission (CSC) in the FCT Administration.
The Minister of the FCT, Nyesom Wike, who made this known on Friday during a media briefing in Abuja, also disclosed that Tinubu has approved mandate secretariat for women affairs.
The federal government began the TSA implementation in September 2015.
According to Wike, the TSA has posed challenges for the FCTA in securing funding for projects, resulting in numerous unfinished projects in the capital city for many years.
He further mentioned that exiting the TSA would enable the administration secure commercial loans for crucial infrastructure projects, a step that has been difficult due to apprehensions about repayment.
“The city is not growing as it should, you have projects littered up and down. Projects are awarded without financial backup,” he said.
“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.
“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.”
