The Federal House of Representatives on Tuesday passed the 1.28 trillion budget of the Federal Capital Territory Administration presented to the National Assembly.
The passage of the budget followed a report submitted to the House by the Chairman of the House Committee on FCT Mukhtar Aliyu Betara, following a budget defense by the minister of the FCT, Mr Nyelsom Wike.
The Chairman of the Committee in his presentation, stated, “The House do receive the Report of the Committees on Federal Capital Territory and Federal Capital Territory Area Councils and Ancillary Matters on a Bill for an Act to Authorise the issue from the Federal Capital Territory Administration’s Statutory Revenue Fund of the Federal Capital Territory Administration Account, the total sum of N1,282,270,610,283.00 (one trillion, two hundred and eighty-two billion, two hundred and seventy million, six hundred and ten thousand, two hundred and eighty-three Naira only).”
Out of this allocation, N140. 915 billion is earmarked for personal cost, while N373. 027 billion is allocated for overhead costs.
The remaining N768. 328 billion is designated for capital project to serve the needs of the FCT.
Recall that Yesterday, Monday Wike had defended the N1.15 trillion 2024 proposed FCT Statutory Budget before the Senate and House Committees on FCT but the total sum of N1.28 trillion was passed by the green chamber.
Out of the total amount, N140.91 billion is for Personnel Costs; and the sum of N373.02 billion is for Overhead Costs while the balance of N768.32 billion is for Capital Projects.
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The passage of budget followed the consideration and approval of the reports of House Committees on Federal Capital Territory and Federal Capital Territory Area Councils and Ancillary Matters laid by
Hon. Muktar Aliyu Betera (APC, Borno).
Betera who is the chairman of House Committee on FCT while laying the report, asked the House to consider the Bill for an Act to Authorise the issue from the Federal Capital Territory Administration’s Statutory Revenue Fund of the Federal Capital Territory Administration Account, the total sum of N1,282,270,610,283.00.
After consideration and approval by the Committee of Supply chaired by Speaker Abbas Tajudeen, the bill was slated for third reading and passed accordingly.
Also at plenary, the House approved the N446.342 billion budget of the Federal Inland Revenue Service FIRS for the 2024 financial year.
That was sequel to the consideration and approval of the report of the Committee on Finance chaired by
Hon. James Faleke (APC, Lagos) at the Committee of Supply.
Out of the total sum, N177.44 billion is for Personnel Cost, while the sum of N156.45 billion is for Overhead Cost and the sum of N112. 44 billion is for Capital Cost for the year ending 31 December,
2024.
