Abuja, March 20, 2024: 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, 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 that from the projected revenue, N140 billion was for personnel cost.
“N373 billion is for overhead cost 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 of the budget.
He said that the budget of the FCT would help in changing the fortunes of the capital city and make it one of the best cities in the world.
FCT Minister Nyesom Wike had on Monday, 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 infrastructures with emphasis on completion of ongoing projects.
