Tinubu approves FCT’s N1.1trn 2024 statutory budget

Nyesom Wike, the Minister of the Federal Capital Territory, (FCT) has disclosed that President Bola Tinubu has approved over N1.1trn statutory budget for the 2024 fiscal year for the FCT.

Wike, who disclosed this during an ongoing media chat at his office in Abuja on Tuesday, noted that the budget will impact on infrastructure development, healthcare facilities, as well as rehabilitation of schools in the FCT, amongst others.

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He expressed delight over the assent by the president, and explained that the budget will impact on infrastructure development, healthcare facilities, as well as rehabilitation of schools in the FCT, amongst others.

The development comes on the heels of the FCT appropriation bill passing the second reading at the Senate last month.

A breakdown analysis of the N1.1trn budget, indicated that N280bn was earmarked for overhead, N726bn for capital projects, and N140bn for personnel, bringing the total budget to N1.147tn.

Leading the debate, the sponsor of the bill and Senate Leader, Opeyemi Bamidele, said the appropriation bill took into cognisance the FCT administration’s revenue and expenditure forecasts which are in tandem with fiscal and developmental policies of the Federal Government

It would be recalled that the minister has proposed to spend not less than N1. 15 Trillion in its 2024 statutory budget.

The Minister explained that the statutory budget was aimed at transforming both the Federal Capital City and rural communities of the Territory

Wike revealed that the budget proposes allocation of funds to recurrent and capital expenditures; emphasizing that focus was placed on infrastructure development and completion of on-going projects.

Accordingly, N421.44 billion of the total budget is earmarked for recurrent expenditure, while N726.3 billion is allocated for capital expenditure.

Notably, N80 billion is earmarked for SUKUK loan projects, and N29 billion is allocated for the Abuja Light Rail project. Also, N500 billion is designated for commercial loans to complete on-going capital projects in the Federal Capital City and satellite towns.