The N1.28 trillion Federal Capital Territory (FCT) 2024 Statutory Budget has been approved by the Senate. During Tuesday’s plenary, the harmonised report of the Senate and House of Representatives Committees on FCT was reviewed, and the budget was then adopted.
Sen. Ibrahim Bomai, the chairman of the FCT Committee, stated during the report’s presentation that the FCT had recommended N1.15 trillion for the 2024 fiscal year. After careful consideration, the committee proposed N1.28 trillion, according to Bomai, who also stated that N140 billion of the anticipated revenue was allocated for staff costs.
He declared, “N768 billion is for capital projects, and N373 billion is for overhead costs.” Deputy Senate President Sen. Jibrin Barau, who chaired the plenary, praised the committee for moving the process along quickly.
He said that the budget of the FCT would help change the fortunes of the capital city and make it one of the best cities in the world. On Monday, FCT Minister, Nyesom Wike, while defending the budget, said that it was designed to transform the capital city and rural communities.
He explained that the proposed capital expenditure would be dedicated to the development of infrastructure, with an emphasis on the completion of ongoing projects.
