The Minister of the Federal Capital Territory (FCT), Barrister Nyesom Wike on Monday presented the FCT 2024 Statutory Budget proposalof N1,147,780,61 0,283.00 to the Senate and House of Representatives Committees on FCT.

The total sum for the fiscal framework comprises of proposed distributable revenue of N510,364,426,028.00 and non-distributable revenue of N637,416,184,256.00.

A break down of the total expenditure shows N726,338,232,759.00, representing 63.28% is proposed as Capital Expenditure for the year 2024, showing 44% increase over the 2023 revised appropriation of the sum of N406,298,063,083.00.

Similarly, a total sum of 421,442,377,524 representing 36.72% is proposed as Recurrent Expenditure for the 2024 fiscal year.

Also N280,527,373,668.00 representing (24.44% ) is proposed as overhead costs for the 2024 fiscal year, against an appropriation of the sum of N135,413,919,180.00 in 2023 fiscal year, which shows an increase of the sum of N145,113,454,488.64 .00(52%).

Presenting the Budget estimates to the both Senate and House Committees on FCT during separate meetings, Wike revealed that the focus of the capital budget is mainly on completion of on-going projects that have high impact on service delivery to the FCT residents.

He explained that the Distributable Revenue refers to those revenue items, the expenditure of which are distributed across activities of the Secretariats, Departments and Agencies (SDAs) while the Non-Distributable Revenue refers to inflow of funds for dedicated purposes such as the China Exim Bank Loan for the Abuja light Rail Project, the UBEB Counterpart Fund, Earnings for Covid-19, SUKUK Loan, etc; whereas the Non-Distributable Revenue heads are not available for general expenditure as they are dedicated to specific projects.

According to him, “the FCT 2024 Statutory Budget preparation aligned with the Federal Government Budget parameters, and prepared within the context of the Medium-Term Expenditure Framework (MTEF), the Medium-Term Development Plan (MTDP) and the International Public Sector Accounting Standards (IPSAS).

“The Budget proposal has also taken into cognizance the estimated revenue accruing to the FCT through the Federation Account and recognizes other in-house efforts to boost revenue generation capabilities in FCT.”

“For the Capital Expenditure, the FCDA is allocated the sum of N457 Billion and STDD the sum of N116 Billion while other SDAs were allocated the balance sum of N153.3 Billion for their Capital Expenditure to address critical areas like On-Going Road Construction, Completion of Water

Treatment Plant and related facilities as well as few new projects.

“The FCDA has a proposal of the sum ofN457 Billion for the provision of infrastructure within and around the Federal Capital City (FCC). Out of this amount, the sum of N282 Billion is earmarked for on-going projects while the sum of N175 Billion is for critical new-projects.”

He listed some of the critical projects to be executed by the FCT Administration in the 2024 Statutory Budget proposal to include; completion of roads B6 B12, construction of Access Road and Car Park for Abuja Light Rail Dei-Dei Gwagwa Station (Lot 5), full scope development of Arterial Road N20 from Northern Parkway to Outer Northern Expressway (ONEX), provision of engineering infrastructure to Guzape, Provision of Engineering Infrastructure to Wuye District, extension of Inner Southern Expressway (1SEX) from Southern Parkway (S8/S9) to Ring Road I (RRI), full scope Development of FCT Highway
105 (Kuje Road) from Airport Expressway to OSEX with spur at Kyami District, construction of Northern Parkway from Ring Road Il to Ring Road ll (6.2Km), Full Scope Development of N5 & N20 and Provision of Engineering District Infrastructure to Asokoro Island Layout in the FCT.

He adds: ”The sum of N198.5Billion is earmarked for major roads in the year 2024, in order to speed up their completion before the end of 2024 fiscal year.

“The sum of N9,067,385,931.00 is proposed in the FCT 2024 Statutory

Budget to enhance water treatment and supply in the FCT.l, while the sum of N4,152,146,290.00 is proposed for Area Council Services Secretariat (ACSS) and its Departments in the year 2024 Statutory Budget.

“The sum of N7.9 Billion is proposed for the FCT Agric and Rural Development Sector in the year 2024 in order to improve agricultural production and engagement of youths in agriculture in the FCT thereby enhancing food security, income and better standards of living in the FCT.

“The 2024 Statutory Budget Proposal for Social Development in the sum of N5 Billion geared towards the promotion of gender, youths, children development, and other vulnerable groups in the FCT, as well as promotion and preservation of Nigeria’s Art and Culture within the FCT.

The FCT Education Sector has a budgetary proposal of the sum of N80.3Billion, while the Transportation Sector has a provision of the sum of N69 Billion, whereas the FCT Health Sector has a proposal of the sum of N45.7 Billion.

“The Abuja Environmental Protection Board (AEPB) which is charged with the statutory function of ensuring and maintaining a clean and healthy environment for inhabitants of the FCT has a proposal of the sum of N17,628,268,557.00.

“The FCT Legal Services Secretariat which is saddled with the provision of legal services and advice to the Federal Capital Territory Administration has a proposal of the sum of N5,583,687,567.00 for its 2024 Statutory Budget.”

Wike noted that the occasion is an opportunity provided to the FCT Administration to defend its 2024 Statutory Budget Proposal before both committees of the two chambers of the National Assembly

He also expressed conviction that with the legislative and moral support, the development of our unity city to its envisaged status of a modern city comparable to any in the world will be achieved.

olisaEze:
Mercedes V-Boot, padded.

vanitybutiwanti:

https://thenationonlineng.net/wike-presents-n1-1trn-fct-budget-to-nass/?utm_source=&utm_medium=twitter

Fergie001 Mynd44

tuoyoojo:
the way they call this money eh
one trillion is 1000 billion

how much of this money would end in private pockets?