• Monday, July 15, 2024
businessday logo

BusinessDay

Tinubu pulls FCT out of TSA, boosting Wike’s authority

President Bola Tinubu of Nigeria has removed the Federal Capital Territory Administration (FCTA) from the Treasury Single Account (TSA), effectively giving the FCTA more control over its finances.

The move, which was announced at a news conference Friday in Abuja, is seen as a boost to the authority of Nyesom Wike, former Rivers State Governor, who Tinubu appointed to head the FCTA in January.

The TSA is a government policy that requires all government revenue to be deposited into a single account. The policy was introduced in 2015 to improve transparency and accountability in government finances.

However, the TSA has also been criticized for making it more difficult for government agencies to access their own funds. This has led to delays in payments to contractors and suppliers, and has made it more difficult for agencies to carry out their work.

By removing the FCTA from the TSA, Tinubu is giving Wike more flexibility to manage the territory’s finances. This is likely to allow Wike to accelerate the development of the nation’s capital, Abuja.

In addition to removing the FCTA from the TSA, Tinubu also approved the creation of the FCT Civil Service Commission. This commission will be responsible for managing the careers of civil servants in the FCTA.

The creation of the FCT Civil Service Commission is seen as another move to boost Wike’s authority. It will give Wike more control over civil servants’ appointment, promotion, and discipline in the FCTA.

Overall, Tinubu’s decision to remove the FCTA from the TSA and create the FCT Civil Service Commission is seen as a boost to Wike’s authority and a sign of Tinubu’s confidence in his ability to manage the FCT.