Bola Tinubu Approves FCT’s Record N1.1 Trillion Budget for 2024

President Bola Tinubu has given the nod to the Federal Capital Territory’s (FCT) statutory budget for the fiscal year 2024, amounting to a staggering N1.1 trillion. 

This announcement was made by Nyesom Wike, the FCT Minister, during a media chat held at his office in Abuja on Tuesday.

Wike underscored the significance of this budget allocation, highlighting its focus on crucial areas such as infrastructure development, healthcare facility enhancement, and the rehabilitation of schools across the FCT. 

President Bola Tinubu Authorization Marks Major Boost for FCT’s Development Agenda

Bola Tinubu expressed his satisfaction with the presidential approval, emphasizing the positive impact it would have on the region.

The approval follows the successful passage of the FCT appropriation bill through the second reading at the Senate last month. 

The breakdown of the budget reveals allocations of N280 billion for overhead costs, N726 billion for capital projects, and N140 billion for personnel, totalling N1.147 trillion.

During the Senate debate, Opeyemi Bamidele, the bill’s sponsor and Senate Leader, stressed that the appropriation bill aligns with the FCT administration’s revenue and expenditure forecasts, by federal fiscal and developmental policies.

It is worth noting that the Minister had initially proposed a budget of no less than N1.15 trillion for 2024, aimed at transforming both the Federal Capital City and rural communities within the territory. 

How the N1.1 Trillion Budget Will Impact Infrastructure, Healthcare, and Education in FCT

Wike elaborated that the budget allocation encompasses both recurrent and capital expenditures, with a strong emphasis on infrastructure development and the completion of ongoing projects.

Of the total budget, N421.44 billion is designated for recurrent expenditure, while N726.3 billion is allocated for capital expenditure.

Furthermore, N80 billion has been earmarked for SUKUK loan projects, N29 billion for the Abuja Light Rail project, and N500 billion for commercial loans aimed at completing ongoing capital projects in the Federal Capital City and its satellite towns.

In sum, the approval of the N1.1 trillion statutory budget signifies a significant step towards addressing the developmental needs of the FCT, with a focus on enhancing infrastructure and improving the quality of life for its residents.