President Bola Tinubu has approved the removal of the Federal Capital Territory Administration (FCTA) from the Treasury Single Account (TSA).
The Minister of the FCT, Nyesom Wike, who disclosed this to journalists on Friday in Abuja, said the development would give the FCTA more control over its finances.
In order to combine its numerous bank accounts onto a single platform, the Federal Government started implementing the TSA in 2015.
The minister bemoaned the significant obstacles the TSA presented to the FCTA in obtaining funding for project implementation.
Wike said: “Take, for example, so many projects that were awarded in 2002, 2007, and 2010, and up to now they have not been completed.
“You can imagine a project that was awarded in 2010, this is 21 years. Imagine what they will cost now.”
He also identified the utilization of Internally Generated Revenue (IGR) as another problem for FCTA.
“So, I went to President Tinubu and said, Mr. President, if you want FCT to carry out development projects and infrastructure among others, then they must come out from TSA.
“What is the essence of TSA; blocking of leakages and the rest, FCTA is not a revenue collection agency for the federal government so what are you blocking?
“If I need money for projects, I cannot go to the CBN and say give us money, CBN will not give us money.
“I can go to a commercial bank but how do we pay? I say the best bet is that we must pull out.”