Senate Passes N1.28trn FCT 2024 Statutory Budget
The Senate has approved the Federal Capital Territory (FCT) 2024 Statutory Budget of N1.28 trillion. The budget was approved after the consideration of the harmonised report of the Senate and House of Representatives Committees on FCT, during plenary on Tuesday.
Presenting the report, the Chairman of the Committee on FCT, Sen. Ibrahim Bomai, said that the FCT had proposed N1.15 trillion for the 2024 fiscal year. Bomai said that the committee, after its deliberation, recommended N1.28 trillion, adding that from the projected revenue, N140 billion was for personnel costs.
“N373 billion is for overhead costs, while N768 billion is for capital projects,” he said. In his remarks, Deputy Senate President, Sen. Jibrin Barau, who presided over the plenary, commended the committee for expediting the process of passing the budget.
He said that the budget of the FCT would help change the fortunes of the capital city and make it one of the best cities in the world. On Monday, FCT Minister, Nyesom Wike, while defending the budget, said that it was designed to transform the capital city and rural communities.
He explained that the proposed capital expenditure would be dedicated to the development of infrastructure, with an emphasis on the completion of ongoing projects. #Senate Passes N1.28trn FCT 2024 Statutory Budget Banks Face Risks over 24hrs FX Positions Sell Down
