The Senate has given its approval for the Federal Capital Territory’s (FCT) 2024 Statutory Budget, amounting to N1.28 trillion.
The budget received approval following the consideration of the harmonized report of the Senate and House of Representatives Committees on FCT during the plenary session on Tuesday.
Chairman of the Committee on FCT, Senator Ibrahim Bomai, presented the report, stating that the FCT had initially proposed N1.15 trillion for the 2024 fiscal year. After deliberation, the committee recommended an increase to N1.28 trillion.
The breakdown includes N140 billion for personnel costs, N373 billion for overhead costs, and N768 billion for capital projects.
Deputy Senate President, Senator Jibrin Barau, who presided over the plenary, commended the committee for its swift handling of the budget approval process.
He expressed optimism that the budget would positively impact the FCT, transforming it into one of the world’s best cities.
Earlier, FCT Minister, Nyesom Wike, while defending the budget, highlighted its focus on transforming the capital city and rural communities.
He emphasized that the capital expenditure would prioritize infrastructural development, particularly the completion of ongoing projects.
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