Wike presents N1.147trn FCT statutory budget to House
By Tom Okpe
Minister of the Federal Capital Territory, (FCT) Nyesom Ezenwo Wike has presented 2024, statutory budget of N1.147 trillion to the House of Representatives.
Presenting the budget before the House Committee on FCT on Monday at the National Assembly, Abuja, Wike said the sum comprised the distributable revenue of N510.36 billion and non-distributable revenue of N637. 41 billion.
He also said the sum of N280.52 billion representing (24.44%) is proposed as Overhead Costs for the 2024 fiscal year, against an appropriation of the sum of N135.41 billion in 2023 fiscal year.
According to the Minister, this shows an increase of the sum of N145 billion (52%) in order to address some critical overhead costs.
“The FCT 2024Statutory Budget preparation aligned with the Federal
Government Budget parameters.
“The budget is accordingly 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 also took into consideration the Federal Government’s assumptions for the 2024National Budget as follows: $73.96/Barrel 1.78 pmbpd.
“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 capabilties in FCT.
“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.”
Speaking on the performance of the 2023 budget, the Minister said:”An Appropriation in the sum of N641,247,685,792.00 was made to the FCT Administration as its Statutory Appropriation for the year 2023 Revised Budget.
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“Out of this amount, the sum of N99,535,703,531 .0 (15.52%) was allocated to Personnel Costs, N135,413,919,180.00 of the Federal Capital Territory Administration (FCTA) while the sum of N406,298,063,083.00 (63.36%) was appropriated for Capital Expenditure.
“On the revenue side, a total sum of N403,073,770,171.58.00 accrued to the FCT from January to December, 2023from various sources representing 63%.
“Out of the actual receipt of the sum of N403,073,770,171.00, the sum of N242,432,284,395.00 has been expended.”
