Wike presents over N1trn FCT 2024 budget to NASS

Wike presents over N1trn FCT 2024 budget to NASS

The FCT Minister Nyesome Wike on Monday presented a 2024 statutory budget figure of one trillion, one hundred and forty-seven billion, seven hundred and eighty million, six hundred and ten thousand, two hundred and eighty-three naira N1, 147, 780, 610, 283.00 for the Territory’s total recurrent and capital expenditure as well as expected total revenue.

The budget which was presented to both Chambers of the National Assembly, came with an appeal for synergy in achieving the development of the capital city to its envisaged status of a modern city comparable to other world capitals.

The Minister at separate budget defence sessions with the Senate and House of Representatives Committee on the the FCT appraised highlights of the FCT’s 2023 Appropriation before presenting the 2024 Statutory budget proposals.

The Minister explained to the lawmakers that the FCT 2024 total budget figure comprised of Distributive and non Distributive Revenues.

Distributive Revenues, according to Wike refers to revenue items, the expenditure of which are distributed across activities of the FCT Secretariat, Departments and Agencies (SDAs), while Non-Distributive Revenue refers to inflow of funds for dedicated purposes such as servicing the China Exim Bank loan for the Abuja Light Rail Project, UBEB Counter Fund, Earnings for COVID 19, SUKUK Loan and the likes.

He said, “Accordingly the Non-Distributive revenue heads are not available for general expenditure as they are intended for specific projects” .

Sectoral highlights of the budget proposal include infrastructural sector of Roads, Districts Development and public Buildings and provision of Utilities.

Accordingly, the FCDA earmarked N457 Billion for Infrastructure development around the Federal Capital City FCC, out of which the sum of N282 Billion is for ongoing projects and N175 Billion is earmarked for critical new project.

The FCT Minister noted that the supervisory role of the Council Services Secretariat of the Area council’s on the Territory towards ensuring efficient service delivery will be further mobilized by a sum of N4, 152, 146, 290.00.

In his contribution at the budget defence exercise, chairman House of Representatives Committee Rep Mukthar Betara implored the FCT to empower the Area Council’s with funds to see to the developments in their respective domains.