House Approves N607.9 Billion Budget for FCT

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The House of Representatives yesterday approved N607.9 billion budget estimate for the Federal Capital Territory (FCT) for the 2022 fiscal year.

The approval followed the consideration and adoption of the report of the House Committees on Federal Capital Territory Administration and Federal Capital Territory Area Council and Ancillary matters by the committee of supply at plenary.

Out of the total amount, the sum of N76.5 billion was for personnel cost; N127.6 billion would be for overhead cost; while the balance of N403.7 billion was allocated to capital projects.

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The report laid by Chairman of the Committee, Hon. Abdullahi Garba stated that: “The House do consider the Report of the Committees on Federal Capital Territory Administration and Federal Capital Territory Area Council 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 N607, 952,023,580.00 only.

“Of which the sum of N76,569,904,857.00 only, is for personnel costs; and the sum of N127,603,382,310.00 only, is for overhead costs; while the Balance of N403,778,736,413.00 only, is for capital projects; for the Service of the FCT, Abuja, for the financial year commencing from 1 January, 2002 and ending on 31 December, 2022.

“The Director of Treasury of the Federal Capital Territory Administration shall, when authorised to do so by warrants signed by the Minister, FCT Administration with responsibility to pay out of the FCT Administration Statutory Revenue Fund of the Federal Capital Territory Administration during the financial year 2022 the sum specified by the warrants, not exceeding in the aggregate N607,952,023,580.00.

“All amounts appropriated under this bill shall be made from the Federal Capital Territory Administration Statutory Revenue Fund only for the purposes specified in the schedule to this bill.”

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Source; https://www.thisdaylive.com/index.php/2022/11/30/house-approves-n607-9-billion-budget-for-fct

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