The Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, presented the proposed 2024 FCT Statutory Budget to the Senate and House Committees on FCT in Abuja on Monday. With a staggering budget of N1.15 trillion, Wike emphasized that the allocation was strategically designed to usher in a transformative wave across the capital city and its rural communities.
Breaking down the budget, Wike highlighted that N421.44 billion was allocated for recurrent expenditure, accounting for 36.7 percent, while N726.3 billion was designated for capital expenditure, constituting 63.3 percent. The capital expenditure, he explained, would predominantly focus on infrastructural development, prioritizing the completion of ongoing projects.
Of the N726.3 billion for capital expenditure, N80 billion was set aside for SUKUK loan projects, and N29 billion was earmarked for the Abuja Light Rail project. Additionally, N500 billion was allocated for commercial loans to facilitate the completion of ongoing capital projects in the federal capital city and satellite towns.
Wike underscored the importance of the budget in enhancing socio-economic activities in the FCT. He outlined that the Federal Capital Development Authority (FCDA) and Satellite Towns Development Department (STDD) received significant portions of the capital budget, with FCDA allotted N457 billion and STDD N116 billion. Other Secretariat, Departments, and Agencies (SDAs) collectively obtained N153.3 billion.
The minister elucidated key projects slated for execution under the proposed budget, emphasizing the completion of crucial road infrastructure, development of educational and healthcare facilities, and initiatives to bolster agricultural production and rural development.
Furthermore, Wike allocated funds to sectors promoting social welfare, legal services, and geographic information systems. Notably, N5.6 billion was designated for legal services, N1.2 billion for the Abuja Geographic Information System, and N4.2 billion for the Area Council Services Secretariat.
In response to Wike’s presentation, the Chairman Senate and House Committees on FCT commended the minister for his developmental efforts and pledged the full support of the National Assembly towards realizing the objectives outlined in the budget. (NAN)
