President Bola Tinubu has approved the removal of the Federal Capital Territory (FCT) from the Treasury Single Account (TSA), a move that is set to empower the FCT Administration to access much-needed funding for major infrastructural projects.
Nyesom Wike, the Minister of the Federal Capital Territory, made this announcement during a news conference in Abuja.
The decision to exit the TSA stems from the belief that the stringent accounting system has hampered the FCT’s ability to secure funds for long-overdue projects, resulting in a city cluttered with abandoned developments dating back to 2002.
The TSA, which centralizes government revenue receipts and payments, has made it challenging for the FCT to access loans from commercial banks and effectively utilize its internally generated revenue (IGR).
Minister Wike expressed his gratitude to President Tinubu for taking this bold step that many leaders had hesitated to make.
He promised that this strategic move would usher in a new era of infrastructural development in the FCT, with numerous projects set to transform the city within a year.
Wike’s ambitious plans encompass addressing issues such as insecurity, inadequate electricity supply, and poorly maintained road infrastructure.
This development has sparked hope among the residents of the FCT, who have long awaited meaningful progress in the city’s infrastructure.
With the FCT now free from the constraints of the TSA, a new chapter in the capital’s growth is on the horizon, promising a brighter and more vibrant future for its inhabitants.