President Bola Tinubu has given his approval for the Federal Capital Territory’s statutory budget of over N1.1 trillion for the 2024 fiscal year.
During an ongoing media chat at his office in Abuja on Tuesday, the FCT minister, Nyesom Wike, revealed that President Bola Tinubu has approved the Federal Capital Territory’s budget for the 2024 fiscal year, which exceeds N1.1 trillion.
He expressed satisfaction with the president’s assent and emphasized that the budget will have a positive impact on infrastructure development, healthcare facilities, and school rehabilitation in the FCT, among other areas.
This development follows the FCT appropriation bill passing the second reading at the Senate last month.
A detailed breakdown of the N1.1 trillion budget shows that N280 billion is allocated for overhead expenses, N726 billion for capital projects, and N140 billion for personnel, resulting in a total budget of N1.147 trillion.
Leading the debate, the sponsor of the bill and Senate Leader, Opeyemi Bamidele, highlighted that the appropriation bill considers the FCT administration’s revenue and expenditure forecasts, aligning with the fiscal and developmental policies of the Federal Government.