President Bola Tinubu has stated that exempting the Federal Capital Territory (FCT) from the Treasury Single Account (TSA) has led to the revival of abandoned projects and accelerated infrastructure development in Abuja.
Speaking during a Sallah homage at the Presidential Villa in Abuja, where he received FCT residents led by Minister Nyesom Wike, Tinubu emphasized that removing TSA restrictions had enabled significant progress, including expanded road networks, improved healthcare facilities, and enhanced security measures.
“I remember when the FCT Minister came to me and said, ‘Please take us out of the TSA restrictions so I can achieve more.’ I asked him to show me his plans, and since then, everything has changed rapidly. I started seeing the opening up of rural areas, the revival of abandoned projects, and the completion of the Vice President’s official residence that had been left unfinished for years,” Tinubu stated.
He commended Wike’s leadership in driving infrastructural transformation, restructuring the public service, and creating clear career advancement opportunities for civil servants. The President urged Nigerians to assess leadership based on results rather than ethnic or religious affiliations.
Improvements in Security and Economy
Tinubu also noted improvements in security and economic stability, stating that food prices are stabilizing, businesses are thriving, and national unity is strengthening.
In response, FCT Minister Nyesom Wike expressed gratitude to the President for allowing the FCT to execute critical projects without the bureaucratic delays imposed by the TSA. He assured residents that the administration remains committed to initiatives that enhance the quality of life in the capital.
Key Attendees
The event was attended by:
- Vice President Kashim Shettima
- National Security Adviser Nuhu Ribadu
- Minister of Information and National Orientation Mohammed Idris
- Traditional and religious leaders
- Lawmakers, security chiefs, and representatives of youth and women groups
Understanding the TSA
The Treasury Single Account (TSA) is a unified banking framework that consolidates all government payments and receipts to enhance financial transparency and control. Its primary objectives include:
Improving financial oversight
Ensuring effective cash flow management
Reducing borrowing costs
Eliminating inefficiencies from multiple government accounts
Under the TSA, government agencies cannot operate independent bank accounts. Instead, all public fundsbudgetary and extra-budgetary must be centralized under Treasury oversight.
TSA Operational Models
- Single Institution Model A main TSA and its sub-accounts are maintained within one banking institution.
- Zero-Balance Ledger Accounts (ZBAs) The main TSA is held in a central institution (e.g., the Central Bank of Nigeria), while zero-balance sub-accounts exist in other banks, transferring balances to the main TSA daily.
By exempting the FCT from the TSA, the administration has unlocked funds for immediate project execution, driving faster development in the nation’s capital.
