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Senate Approves N1.28 Trillion 2024 Budget for Federal Capital Territory (FCT)

Senate Approves N1.28 Trillion 2024 Budget for Federal Capital Territory (FCT)

The Senate has given its stamp of approval to the 2024 Statutory Budget for the Federal Capital Territory (FCT), amounting to a substantial N1.282 trillion. This approval signifies an increase of N135 billion from the initially proposed figure by the Ministry of FCT.

The decision came following a comprehensive review of the combined report from the Senate and House of Representatives Committees on FCT, which was presented by Sen. Ibrahim Bomai, the Chairman of the Senate Committee on FCT.

Bomai highlighted the initial proposal of N1.15 trillion for the FCT’s 2024 budget but noted the committee’s recommendation for a revised budget of N1.28 trillion. This revised allocation includes N140 billion earmarked for personnel expenses.

Breaking down the budget, overhead costs stand at N373 billion, while personnel costs amount to N140.9 billion, and capital expenditure reaches N768.3 billion.

The allocation breakdown reveals that personnel costs constitute approximately 10% of the total budget, with overhead costs representing 29.10%. Recurrent expenditure, comprising personnel and overhead costs, makes up about 40% of the budget, while capital expenditure accounts for the remaining 60%.

Deputy Senate President Sen. Jibrin Barau, leading the session in the absence of Senate President Godswill Akpabio, commended the committee for its expeditious handling of the budget, emphasizing its potential to contribute to the transformation of the capital city and elevate its status globally.

After a voice vote by senators on various components of the appropriation act, the budget received unanimous approval. The 2024 Appropriation Act of the FCT was initially presented to the Senate for deliberation and approval last week Thursday.

This Article is Fact-Checked. See Policy.
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