President Tinubu has given Minister Wike financial authority following the withdrawal of FCTA from the Treasury Single Account.
Newsonline Nigeria reports that President Bola Tinubu has approved the removal of the Federal Capital Territory Administration (FCTA) from the Treasury Single Account (TSA), which consolidates the government‘s multiple bank accounts into a single account or a linked network to manage all financial inflows and outflows.
This was disclosed on Friday by the FCT Minister, Nyesom Wike, who pointed out that the TSA has made the FCT not to grow because projects litter the space because they are awarded without financial backup.
ALSO: Kashim Imam Named Chairman As Tinubu Appoints New Board, Management For FERMA(FULL LIST)
He explained that exiting the TSA, whose implementation began in September 2015, would enable the administration to secure commercial loans for crucial infrastructure projects, a step that has been difficult due to apprehensions about repayment.
According to Wike, “The city is not growing as it should, you have projects littered up and down. Projects are awarded without financial backup.
“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,” the Minister said.
Wike went on to say he accepted to serve as a Minister under Tinubu because the President has the capacity and “the political will to do those things that people are afraid of doing.”
“One of the problems in this country is leadership, so many people don’t want to take action. There is no action that you take that everybody will be [happy],” the Minister said.