The Minister of the Federal Capital Territory (FCT), Nyesome Wike has presented a 2024 statutory budget figure of 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 as a modern city comparable to other world capitals.
The Minister on Monday at separate budget defence sessions with the Senate and House of Representatives Committee on 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 the 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 the infrastructural sector of Roads, Districts Development and Public Buildings, and the 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 projects.
The FCT Minister noted that the supervisory role of the Council Services Secretariat of the Area Council on the Territory towards ensuring efficient service delivery will be further mobilized by a sum of N4, 152, 146, 290.00.
In his contribution to 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.
The presentation of the budget is coming at a time when the National Assembly is grappling with allegations of padding the 2024 budget to the tune of N3.7trn.
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