President Bola Tinubu has authorized nearly N1.1 trillion for the Federal Capital Territory’s statutory budget for the 2024 fiscal year, according to Federal Capital Territory Minister Nyesom Wike.
Among other things, Wike said that the budget will affect the development of infrastructure, healthcare facilities, and school restoration in the Federal Capital Territory (FCT). He made this revelation on Tuesday during an ongoing media interaction at his office in Abuja.
He conveyed his happiness at the president’s approval and clarified that the budget will affect the FCT’s school rehabilitation, healthcare facilities, and infrastructure development, among other things.
N280 billion was set aside for overhead, N726 billion for capital projects, and N140 billion for personnel, according to a breakdown analysis of the N1.1 trillion budget, making the total budget of N1.147 trillion.
Opeyemi Bamidele, the Senate Leader and bill sponsor, led the debate by stating that the appropriations measure considered the revenue and expenditure predictions of the FCT administration, which align with the federal government’s budgetary and developmental plans.
Recall that the ministry has suggested allocating at least N1.15 trillion from its statutory budget for 2024.
The Minister clarified that the objective of the statutory budget was to modernize the Territory’s rural areas as well as the Federal Capital City.
As a result, N726.3 billion of the whole budget is set aside for capital expenditures and N421.44 billion for recurrent expenses.
Notably, N29 billion is set aside for the Abuja Light Rail project, and N80 billion is designated for SUKUK loan projects. To finish ongoing capital projects in the Federal Capital City and its satellite towns, an additional N500 billion has been set aside for commercial loans.
