Nigerian Senate has passed the 2024 Statutory Budget for the Federal Capital Territory (FCT), amounting to N1.282 trillion, which marks an increase of N135 billion from the initial proposed figure by the Ministry of FCT.
Gatekeepers News reports that the approval followed the review of the combined report from the Senate and House of Representatives Committees on FCT during the Tuesday plenary session.
As per the report presented by Ibrahim Bomai, the Chairman of the senate committee on FCT, a budget of N1.28 trillion has been recommended, with N140 billion allocated for personnel expenses.
He stated, “The Federal Capital Territory (FCT) administration proposed N1.147 trillion for the 2024 fiscal fiscal year. The committee recommended the sum of N1.28 trillion as the budget for the year 2024. N373 billion is for overhead cost while N768 billion is for capital projects.”
Breakdown of the budget;
Overhead cost – N373 billion
Personnel cost — N140.9 billion
Capital expenditure – N768.3 billion
Personnel cost represented around 10% of the total budget for the year while the overhead cost constitutes 29.10% of the total budget.
The recurrent expenditure of the budget represented about 40% while the capital expenditure made up about 60% of the budget.
Deputy Senate President Jibrin Barau, who led the plenary session in the absence of Senate President Godswill Akpabio, praised the committee for their timely action in passing the budget, highlighting that the budget will contribute to transforming the capital city and aims to rank it among the top cities globally.
After a voice vote by senators on various parts of the appropriation act, the budget was passed.
The 2024 Appropriation Act of the FCT was first presented to the Senate last week Thursday for deliberation and approval.
