New Telegraph

Tinubu Pulls FCT Out Of TSA, Creates Secretariat For Women

…to establish Civil Service Commission

President Bola Tinubu has approved the exit of the Federal Capital Territory (FCT) from the Treasury Single Account (TSA) introduced by the immediate past administration in 2015.

He also approved the implementation of the FCT Civil Service Commission Act, passed by the National Assembly and assented to by the former President, as well as the establishment of a Secretariat for Women Affairs.

Minister of FCT, Nyesom Wike who disclosed in Abuja at a press briefing, said President Bola Tinubu has continued to demonstrate his preparedness in delivering good governance through his ” renewed hope agenda” policies.

Wike explained that TSA has not helped in achieving the much desired developments of the nation’s capital, because of the stringent policies of the Central Bank of Nigeria ( CBN) where the account is domiciled.

He noted that the President swiftly and dispassionately acted on the memo he sent, requesting for the pull out, considering the urgent need for infrastructural project that requires huge funding that can be gotten from commercial banks.

According to the Minister, the former President assented to the FCT Civil Service Commission Act passed by the parliament in 2018, but there has not been a strong political will power for its implementation, and workers carreer progression has been adversely affected.

Wike said, ” Central bank cannot give us loan, and even the IGR are spent as they come, which you cannot tangibly do anything with it. 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 revenue comes in, and it will go to the Central Bank of Nigeria (CBN). 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. 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”, he said.

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