President Bola Tinubu has stated that removing the Federal Capital Territory (FCT) from the Treasury Single Account (TSA) revived abandoned projects and accelerated infrastructure development in the nation’s capital.
The President made the disclosure during a Sallah homage at the Presidential Villa in Abuja, where he received FCT residents led by Minister Nyesom Wike, as reported by the News Agency of Nigeria (NAN).
He highlighted that freeing the FCT from TSA restrictions had revived long-abandoned projects, expanded road networks, improved healthcare facilities, and strengthened security measures.
“I remember the day the FCT Minister came to me and said, ‘Please take us out of the problem of the TSA so that I can do more work and achieve more.’ I asked him to show me his plans, and since then, everything started changing rapidly.
“I started seeing the opening up of the rural areas by the FCT, the resuscitation of abandoned projects, and completion of the Vice President’s official residence that was abandoned for years,” Tinubu said.
He commended FCT Minister Nyesom Wike for his leadership in driving infrastructural transformation, restructuring the public service, and creating a clear career advancement path for civil servants. Tinubu urged Nigerians to assess leadership based on results rather than ethnic or religious affiliations.
More insights
The President also highlighted improvements in security and economic conditions, noting that food prices were stabilizing, businesses were thriving, and national unity was strengthening.
- In his remarks, Wike expressed gratitude to the President for enabling the FCT to execute critical projects without the bureaucratic delays imposed by the TSA. He assured that the administration remained committed to implementing initiatives that enhance the lives of residents.
The event was attended by Vice President Kashim Shettima, National Security Adviser Nuhu Ribadu, Minister of Information and National Orientation Mohammed Idris, as well as traditional and religious leaders, lawmakers, security chiefs, and representatives of youth and women groups.
What you should know
The Treasury Single Account (TSA) is a unified banking framework that consolidates all government payments and receipts to enhance financial control.
- Its primary objectives include improving transparency, ensuring effective cash flow management, optimizing borrowing costs, and eliminating inefficiencies from maintaining multiple accounts across financial institutions.
- To achieve this, government agencies are prohibited from operating independent bank accounts, requiring all public funds—budgetary and extra-budgetary—to be centralized under Treasury oversight.
The TSA follows two models:
- A single banking institution maintains the main TSA and its sub-accounts.
- The main TSA is held in one institution, while zero-balance ledger sub-accounts (ZBAs) exist in others, with daily balance transfers to the main TSA at the Central Bank of Nigeria (CBN) or a designated institution.
