Senate Passes N1.282 Trillion FCT 2024 Budget

The Senate has passed a budget of N1.282 trillion for the Federal Capital Territory (FCT) for the fiscal year 2024.

This decision came to fruition following the plenary session’s adoption and endorsement of the harmonized report from the Senate and House of Representatives Committees on FCT concerning the 2024 FCT statutory Appropriation Bill.

Senator Ibrahim Bomoi, the chairperson of the Senate Committee on FCT, was pivotal in presenting the detailed financial blueprint outlining the expenditure framework for the nation’s capital within the specified fiscal year.

The approved budget is segmented into various allocations, with N140.915 billion earmarked for personnel costs, covering salaries and wages for government employees in the FCT.

Overhead expenses, which include the day-to-day operational costs of FCT’s public services, have been allocated N373.027 billion.

A significant portion of the budget, amounting to N768.328 billion, is dedicated to capital projects, signalling a substantial investment in the infrastructural and developmental needs of the FCT.

These projects, scheduled to span from January 1st to December 31st, 2024, aim to enhance the living standards, bolster economic growth, and improve the overall functionality of the Federal Capital Territory.

Recall that the FCT Minister, Nyesom Wike, had appeared before the joint House Committee on FCT and the Committee on FCT Area Councils and Ancillary Matters on Monday to defend the proposed budget.