Wike: Tinubu’s Removal Of FCT From TSA, Enabled Access To Bank Loans
Dr. Nafisat Makinɗe, Abuja
Minister of the Federal Capital Territory (FCT), Nyesom Wike, on Tuesday said President Bola Tinubu removed the FCT Administration from the Treasury Single Account (TSA), enabling it to obtain commercial bank loans by using its Internally Generated Revenue (IGR) as collateral to fund infrastructure projects.
Wike disclosed this during the commissioning of the Transit Way N2 Corridor, linking Abuja’s Central Business District with Wuse District, according to a statement issued by Rabi Musa Umar, Deputy Director, Press, Office of the Honourable Minister, FCTA, to mark the 50th anniversary of the FCT and the third year of the Tinubu administration.
He said the TSA arrangement prevented the FCT Administration from borrowing from commercial banks because its funds were domiciled with the Central Bank of Nigeria.
“Having gone out from the TSA, we can now approach commercial banks for loans and use our Internally Generated Revenue as collateral,” Wike said.
The minister said Tinubu removed the FCT from the TSA after concluding that the arrangement limited the administration’s ability to finance infrastructure projects.
Wike also revealed that he initially doubted the contractor handling the Transit Way N2 project would complete the work on schedule.
He said he warned the contractor during an inspection in May that it risked losing future FCT contracts because of slow progress. After receiving a commitment from the company and observing significant progress during another inspection on May 29, he approved the project for commissioning.
Commissioning the road, Tinubu said the new corridor would reduce travel time between the Central Business District and Wuse District, ease traffic congestion and support economic activity.
The president also declared that Abuja was “no longer a city of abandoned projects,” saying contracts awarded by the FCT are now funded, monitored and completed.
“If we sign a contract, we fund it, we monitor it, and we commission it,” he said.
The Federal Capital Development Authority (FCDA) said the contract for the project was awarded to Levant Construction Limited in October 2025. The corridor comprises dual carriageways, two bridges, pedestrian walkways, solar-powered streetlights, drainage infrastructure and a central median reserved for future rail lines.
Managing Director of Levant Construction Limited, Elie Tannous, said the project was completed within nine months and includes provisions for future expansion of Abuja’s transit network.