The Senate has given its approval for the Federal Capital Territory (FCT) 2024 Statutory Budget amounting to N1.28 trillion, following the consideration of the harmonised report of the Senate and House of Representatives Committees on FCT during Tuesday’s plenary.
Presenting the report, Chairman of the Committee on FCT, Sen. Ibrahim Bomai, disclosed that the FCT initially proposed N1.15 trillion for the 2024 fiscal year. However, after deliberation, the committee recommended an increase to N1.28 trillion. This budget allocation includes N140 billion for personnel costs, N373 billion for overhead costs, and N768 billion for capital projects.
Deputy Senate President, Sen. Jibrin Barau, who presided over the plenary, commended the committee for its efficiency in processing the budget. He expressed optimism that the approved budget would contribute to transforming the FCT into one of the best cities in the world.
FCT Minister, Nyesom Wike, while defending the budget on Monday, emphasized its transformative potential for the capital city and rural communities. He outlined that the capital expenditure would focus on infrastructure development, particularly the completion of ongoing projects.
The approved budget is expected to significantly impact the development and modernization of the Federal Capital Territory, improving living standards and infrastructure in both urban and rural areas.
TheGuardian News