2024 FCT budget – The Senate has given the green light to the 2024 Statutory Budget for the Federal Capital Territory (FCT), now standing at N1.282 trillion, marking a significant rise of N135 billion from the initial proposal by the Ministry of FCT.
This decision follows the thorough examination of the joint report from the Senate and House of Representatives Committees on FCT during the Tuesday plenary session.
Senator Ibrahim Bomai, Chair of the Senate Committee on FCT, presented the report, highlighting the Ministry’s original proposition of N1.15 trillion for the FCT’s 2024 budget.
During the deliberations, Bomai disclosed the committee’s recommendation of N1.28 trillion, with a substantial N140 billion designated for personnel expenses.
“The FCT administration initially proposed N1.147 trillion for the 2024 fiscal year. However, the committee suggests N1.28 trillion for the same period, with N373 billion earmarked for overhead costs and N768 billion allocated for capital projects,” Bomai explained.
The budget breakdown is as follows:
- Overhead cost: N373 billion
- Personnel cost: N140.9 billion
- Capital expenditure: N768.3 billion
Personnel costs comprise approximately 10% of the total budget, while overhead costs represent 29.10%. Recurrent expenditures constitute around 40%, with capital expenditures accounting for 60% of the budget.
Deputy Senate President Senator Jibrin Barau, presiding over the session in the absence of Senate President Godswill Akpabio, commended the committee for their prompt action in approving the budget.
Barau emphasized the importance of the FCT’s budget in enhancing the capital city’s transformation and elevating it to a global standard. The budget received unanimous approval following a voice vote by senators on different sections of the appropriation act.
The 2024 Appropriation Act for the FCT was initially tabled before the Senate last Thursday for thorough scrutiny and eventual approval.
