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Home»News»Tinubu pulls out FCTA from Treasury Single Account 
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Tinubu pulls out FCTA from Treasury Single Account 

Joy GyakyorBy Joy GyakyorOctober 14, 2023Updated:October 14, 2023No Comments3 Mins Read
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..…approves establishment of Civil Service Commission for Abuja

President Bola Tinubu has approved the withdrawal of the Federal Capital Territory Administration (FCTA) from the unified Treasury Single Account (TSA), with immediate effect. 

The Federal Government in 2015, introduced the TSA, as a public accounting system, which allows for a single account to ensure all revenue receipts and payments by government agencies are done through a Consolidated Revenue Account, CRA, at the Central Bank of Nigeria.

Minister of the FCFA, Nyesom Wike told reporters on Friday that the development will allow the FCT administration have more access to funds for the implementation of critical projects.

Wike, who  commended President Tinubu for the bold initiative, said the removal of TSA will also help address the issues of uncompleted projects littered across the territory.

He said, “Central Bank cannot give us loan, and even the IGR are spent as they come, which you cannot tangibly do anything with it,” he stated.

“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 minister added that, “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,” Wike reiterated.

“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.”

According to Wike, President Tinubu 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,” he added.

The National Assembly during the administration of former President Muhammadu Buhari passed the FCTA Civil Service Commission bill into law. The law enables FCTA Civil Servants to rise to the peak of their career.

According to Wike, President Tinubu 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.”

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Joy Gyakyor

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