Exit from Treasury Single Account Has Unlocked Funding, Boosted Transparency in FCT Projects – Wike

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The Minister of the Federal Capital Territory (FCT), Barr. Nyesom Wike, has said that the exit of the FCT Administration from the Treasury Single Account (TSA) has significantly improved access to funding for infrastructure while enhancing transparency and accountability in public financial management.

Speaking during a media chat in Abuja on Monday, Wike explained that the move has enabled the FCT to source funds directly from commercial banks, accelerating the pace of development and allowing for more flexible financial operations.

“The exit from the Treasury Single Account has enabled the administration to do a lot,” he said. “There is great accountability and transparency in the way funds are managed now.”

The TSA policy, introduced to consolidate government revenues into a single account at the Central Bank of Nigeria (CBN), had previously limited the ability of Ministries, Departments, and Agencies (MDAs) to access funds directly for urgent projects. Wike, however, argued that the FCT’s case is unique.

“Under the TSA, all funds go to the Central Bank. But the FCT does not generate revenue for the federal government. So why should we be restricted?” he asked.

According to the Minister, the new funding model allows the FCT Administration to secure loans from commercial banks based on its Internally Generated Revenue (IGR) and repayment capacity, enabling it to implement capital projects without delay.

“If we need N100 billion for a critical project, we can secure a loan, tie it to our IGR, and start immediately,” he explained. “Previously, monthly allocations were not enough to even initiate major projects.”

While acknowledging the need for fiscal discipline under this model, Wike said it is far more effective and geared toward tangible results.

“The FCT is now run like a business. The President wants results, and we can’t continue waiting for monthly releases that barely cover salaries,” he stated.

Wike also noted that although the FCT’s annual budget is about N80 billion, the federal government often struggles to release sufficient funds, even for recurrent expenditure. The new arrangement, he said, allows the Administration to work around those limitations.

“We can’t borrow from the CBN, but commercial banks see our IGR and are willing to partner with us,” he said.

On concerns about transparency, Wike assured that all funds are linked to specific projects and subject to regular oversight.

“Every kobo is traceable. Each project is tied to a loan and monitored. There are enough mechanisms in place to ensure accountability,” he said.

He praised President Bola Tinubu for supporting reforms that give the FCT greater financial autonomy, describing the shift as essential for positioning Abuja among the world’s leading capital cities.

“This is about unlocking the city’s potential and improving the lives of its residents. It’s a deliberate policy by a President who understands development,” he said.

The Minister’s remarks come as the FCT intensifies its road construction, urban renewal, and upgrades in health and education infrastructure. With enhanced financial freedom, Wike said residents should expect to see more impactful results.

“We’re not just spending we’re building. And this model puts the FCT on a path to becoming a benchmark for other regions,” he added.

…Says Terminals Will Curb Chaos, Restore Order in the FCT

The Minister of the Federal Capital Territory (FCT), Barr. Nyesom Wike, has rolled out a series of bold reforms aimed at reorganizing Abuja’s transport system — starting with the introduction of a painted taxi policy and the development of integrated bus and taxi terminals.

Wike, who spoke during an inspection tour of ongoing infrastructure projects on Friday, said the reforms are designed to enhance public safety, restore sanity to the city’s roads, and align Nigeria’s capital with global urban transport standards.

“Obviously, a lot of things will happen in the transport sector,” the Minister stated. “There will be a lot of reforms. A committee is already working, and before commissioning, we’ll unveil a new framework for the sector.”

A key part of the plan is a colour-coded taxi scheme to clearly differentiate licensed commercial taxis from private vehicles — a move Wike said is central to the FCT’s security strategy.

> “As part of our security measures, we must know those involved in the taxi business and the specific colour they operate. That way, if anything happens, it becomes easier to track and identify,” Wike explained.

The initiative will be complemented by newly constructed multi-modal transport terminals in strategic locations like Kugbo and Mabushi. According to the Minister, these facilities are designed to integrate both bus and taxi operations, eliminating the chaotic roadside parks that have long plagued the city.

> “I told the contractor — this is not just a bus terminal; it must also serve taxis. Commuters should be able to come to a clean, organized terminal and board either a bus or taxi in safety,” he said.

During the inspection, Wike expressed satisfaction with the quality of work at the Kugbo Terminal and praised the indigenous contractor handling the project.

> “I’m very happy with what I’ve seen,” Wike noted. “Some people may ask, ‘Why are they building motor parks?’ But when you travel abroad, you see how things are done. We deserve the same in our capital city.”

> “This isn’t just a motor park. It’s infrastructure that drives urban renewal, enhances security, creates jobs, and restores dignity to the city,” he added.

The Minister also acknowledged earlier design flaws in the project, noting that corrections have since been made.

> “The first time we came here, I was dismayed. But you can’t compare then and now. By the time we return for commissioning, it will be something completely different,” he assured.

The reforms are part of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritizes infrastructure development, security, and urban modernization as pillars for national growth.

Policy analysts have described the initiative as a potential game-changer for Abuja’s public transportation network, which has for years struggled with inefficiency, insecurity, and a lack of coordination.

Wike assured that his administration is working with relevant agencies to ensure proper implementation, enforcement, and sustainability of the new system.

> “We are doing everything possible to make Abuja a model city, not just for Nigeria, but for Africa. The transport sector is a vital component of that vision,” he said.

With the Kugbo terminal nearing completion and others underway, full operation of the new transport scheme is expected to begin in the coming weeks — ushering in a new era for daily commuting in the FCT.