The ₦1.15 trillion 2024 planned FCT Statutory Budget, according to Minister of the Federal Capital Territory (FCT), Nyesom Wike, was created with the intention of transforming both rural communities and the nation’s capital.
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When Wike arrived in Abuja on Monday to defend the proposed statutory budget, he said as much before the Senate and House Committees on the Federal Capital Territory.
He clarified that ₦421.44 billion, or 36.7%, of the ₦1.15 trillion was allocated for ongoing expenses, and ₦726.3 billion, or 63.3%, was designated for capital expenditures.
Additionally, he clarified that the planned capital expenditure would go toward infrastructure development, with a focus on finishing up ongoing projects.
Wike included that Of the anticipated capital expenditure of ₦726.3 billion, ₦80 billion was set aside for projects financed by SUKUK loans, and ₦29 billion was designated for the Abuja Light Rail project.
The minister added that ₦500 billion would be used for commercial loans to finish a few ongoing capital projects in the federal capital city and its outlying communities.
In order to improve socioeconomic activities in the Federal Capital Territory, he stated that the remaining ₦117.3 billion would be used to finish ongoing capital projects and other related projects that would receive counterpart funding.
A greater portion of the capital budget, according to Wike, went to the Satellite Towns Development Department (STDD) and the Federal Capital Development Authority (FCDA).
According to him, FCDA received ₦457 billion, STDD N116 billion, and other SDAs (secretariat, departments, and agencies) received ₦153.3.
billion. He claims that this is to take care of important things like the continuous building of roads, finishing the water treatment plant and its infrastructure, and a few new projects.
He clarified that ₦457 billion, of which ₦282 billion was for ongoing projects and ₦175 billion was for new, crucial projects, was allotted to FCDA for the development of infrastructure in and around the capital city.
The completion of Roads B6 and B12, as well as the building of the access road and parking lot for Abuja Light Rail, are among the crucial projects that the FCT Administration has been assigned to carry out in the 2024 statutory budget proposal.
