The Senate has given its approval for the 2024 Statutory Budget of the Federal Capital Territory (FCT), totaling N1.282 trillion, marking an increase of N135 billion from the initial proposal put forward by the Ministry of FCT.
This endorsement came following the assessment of the joint report from the Senate and House of Representatives Committees on FCT during the Tuesday plenary session. Senator Ibrahim Bomai, Chairman of the Senate Committee on FCT, presented the report, highlighting the Ministry’s initial proposal of N1.15 trillion for the FCT’s 2024 budget.
During the deliberations, Bomai mentioned that the committee recommended a revised budget of N1.28 trillion, with N140 billion allocated for personnel expenses. He elaborated, stating, “The Federal Capital Territory (FCT) administration initially proposed N1.147 trillion for the 2024 fiscal year. However, the committee has recommended the sum of N1.28 trillion as the revised budget for the year 2024, allocating N373 billion for overhead costs and N768 billion for capital projects.”
The breakdown of the budget is as follows:
– Overhead cost: N373 billion
– Personnel cost: N140.9 billion
– Capital expenditure: N768.3 billion
Personnel costs represent approximately 10% of the total budget, while overhead costs constitute 29.10%. The recurrent expenditure of the budget accounts for about 40%, with capital expenditure making up the remaining 60%.
Deputy Senate President, Senator Jibrin Barau, who chaired the plenary session in the absence of Senate President Godswill Akpabio, commended the committee for its prompt action in approving the budget.
He emphasized that the FCT’s budget would play a significant role in transforming the capital city, aiming to elevate it to global standards. Following a voice vote by senators on various aspects of the appropriation act, the budget was passed.
The 2024 Appropriation act of the FCT was initially presented to the Senate for deliberation and approval last Thursday.
