Wike presents over N1.48 trn budget for 2024 fiscal year to NASS

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By Disun Amosun

FCT Minister Nyesome Wike Monday presented a 2024 Statutory budget figure of N1, 147, 780, 610, 283.00 for the Territory’s total recurrent and capital expenditure as well as expected total revenue to both Chambers of the NASS, with an appeal for synergy in achieving the development of the Unity City to its envisaged status of a modern city comparable to other world capitals.

The Minister at separate budget defence sessions with the Senate and House of Representatives Committee on the FCT appraised highlights of the Territory’s 2023 Appropriation before presenting this year’s Statutory budget proposals.

The Minister explained to the lawmakers that the FCT 2024 total budget figure comprised of Distributive and non Distributive Revenues

Distributive Revenues, according to Wike refers to revenue items, the expenditure of which are distributed across activities of the FCT Secretariats, Departments and Agencies (SDAs), while Non-Distributive Revenue refers to inflow of funds for dedicated purposes such as servicing the China Exim Bank loan for the Abuja Light Rail Project, UBEB Counter Fund, Earnings for COVID 19, SUKUK Loan and the likes.

“Accordingly the Non-Distributive revenue heads are not available for general expenditure as they are intended for specific projects”, the Minister added.

Sectoral highlights of the budget proposal include infrastructural sector of Roads, Districts Development and a public Buildings and provision of Utilities.

Accordingly, the FCDA earmarked N457 billion for Infrastructure development around the Federal Capital City FCC, out of which the sum of N282 billion is for ongoing projects and N175 Billion is earmarked for critical new projects.

The FCT Minister noted that the supervisory role of the Council Services Secretariat of the Area council’s on the Territory towards ensuring efficient service delivery will be further mobilized by a sum of N4, 152, 146, 290.00.

In his contribution at the budget defence exercise, Chairman, House of Representatives Committee on FCT, Rep Mukthar Betara implored the FCT to empower the Area Council’s with funds to see to the developments in their respective domains.