The Senate has approved the 2024 statutory budget for the Federal Capital Territory (FCT), amounting to N1.28 trillion.
The approval followed the consideration of the harmonized report from the Senate and House of Representatives Committees on FCT during Tuesday’s plenary session.
According to the chairman of the committee on FCT, Ibrahim Bomai, had initially proposed a budget of N1.15 trillion for the 2024 fiscal year.
However, after thorough deliberation, the committee recommended the higher amount of N1.28 trillion, allocating N140 billion for personnel costs from the projected revenue.
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He said:
“N373 billion is for overhead costs while N768 billion is for capital projects.”
During the plenary, Deputy Senate President Jibrin Barau praised the committee for expediting the budget approval process.
Barau stated that the FCT’s budget would greatly impact the capital city’s fortunes and contribute to its status as one of the world’s best cities.
FCT Minister Nyesom Wike, while defending the budget on Monday, pointed out its focus on transforming the capital city and improving rural communities.
Wike stated that the proposed capital expenditure will prioritize infrastructure development, including the completion of ongoing projects.
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