The 2024 Federal Capital Territory (FCT) Statutory Budget was passed by the Senate, totaling N1.282 trillion—a sum that was N135 billion higher than what the Ministry of FCT had first suggested.
This decision followed the Tuesday plenary session’s examination of the joint report from the FCT committees of the Senate and the House of Representatives.
The report was delivered by Sen. Ibrahim Bomai, the chairman of the senate committee on the FCT. He mentioned the initial N1.15 trillion budget plan for the FCT for 2024.
Bomai brought up the committee’s recommended N1.28 trillion budget during the discussion of the report, noting that N140 billion of that amount would go towards staff costs.
“The administration of the Federal Capital Territory (FCT) proposed N1.147 trillion for the fiscal year 2024,” he said. The committee suggested that N1.28 trillion be allocated for the 2024 budget. Overhead costs total N373 billion, and capital projects total N768 billion.
Budget breakdown
- Cost of overhead: N373 billion
- Cost of personnel: N140.9 billion
- Capital expenditure: N768.3 billion
About 10% of the entire budget for the year was allocated to personnel costs, and the remaining 29.10% went towards overhead.
About 40% of the budget was allocated to ongoing expenses, and the remaining 60% was for capital purchases.
Deputy Senate President Sen. Jibrin Barau, who presided over the plenary meeting in Godswill Akpabio’s absence and spoke on the budget, complimented the committee for moving quickly to pass the budget.
He stated that the FCT’s budget would help to improve the nation’s capital city and put it on the map of the world’s best cities. The budget was approved following a voice vote by senators on several Appropriations Act provisions.
The FCT’s 2024 Appropriations Act was initially brought before the Senate on Thursday of last week for consideration and approval.
