no dear, that tension is not the centrifugal force but in fact that tension is generated (due to the weight of a body) as a reactionary force to/against the applied force on the body which is rotating it in a circle ...
you should not mix tension & so-called centrifugal force with each other as the former is a pure force whereas the later one is just an effect felt only in presence of a centripetal force ...
if this reason alone doesn't satisfy you so just try to check whether the centrifugal force conform to newton's 3rd law of motion ...