The House of Representatives has given the green light to the proposed budget of N1.28 trillion for the Federal Capital Territory (FCT) for the fiscal year 2024, marking a significant milestone in the capital’s financial planning.r
This crucial decision was made on Tuesday following a comprehensive presentation for consideration by the Chairman of the House Committee on FCT, Rep. Mukhtar Betara (APC, Borno). Betara emphasized the importance of the budget, stating, “The House do receive the Report of the Committees on Federal Capital Territory and Federal Capital Territory Area Councils and Ancillary Matters on a Bill for an Act to Authorise the issue from the Federal Capital Territory Administration’s Statutory Revenue Fund of the Federal Capital Territory Administration Account, the total sum of N1,282,270,610,283.00 (one trillion, two hundred and eighty-two billion, two hundred and seventy million, six hundred and ten thousand, two hundred and eighty-three Naira only).”
Within this substantial budget, N140.915 billion is allocated for personnel costs, highlighting the commitment to human resources in FCT’s administration. Additionally, N373.027 billion is earmarked for overhead costs, ensuring the smooth functioning of essential services and operations.
The bulk of the budget, totaling N768.328 billion, is dedicated to capital projects aimed at addressing the developmental needs of the Federal Capital Territory, specifically Abuja, a move expected to enhance infrastructure and public services for residents and visitors alike.
Prior to this approval, FCT Minister Nyesom Wike had appeared before the joint House Committee on FCT and the Committee on FCT Area Councils and Ancillary Matters to present and defend the proposed budget, underscoring the collaborative effort involved in shaping the region’s financial roadmap.
