The Minister of the Federal Capital Territory(FCT), Barrister Nyesom Wike, Monday, presented the FCT 2024 Statutory Budget proposal to tune of N1,147,780,61 0,283.00 to the joint National Assembly Committees on FCT.
The total sum for the fiscal framework comprised proposed distributable revenue of N510,364,426,028.00 and non-distributable revenue of N637,416,184,256.00.
Where a breakdown of the total expenditure showed that the sum of N726,338,232,759.00, representing 63.28% proposed as capital expenditure for the year 2024, showing 44 per cent increase over the 2023 revised appropriation of the sum of N406,298,063,083.00.
Similarly, a total sum of 421,442,377,524 representing 36.72 per cent was proposed as recurrent expenditure for the 2024 fiscal year.
Equally, the sum of N280,527,373,668.00 representing (24.44% ) is proposed as overhead costs for the 2024 fiscal year, against an appropriation of the sum of N135,413,919,180.00 in 2023 fiscal year, which shows an increase of the sum of N145,113,454,488.64.00 (52 per cent).
Wike explained that estimated sum for capital expenditure was for the development of infrastructure with emphasis on completion of on-going projects.
Presenting the budget estimates to the both Senate and House Committees on FCT during separate meetings, Wike revealed that the focus of the capital budget was mainly for completion of on-going projects that had high impact on service delivery to the FCT residents.
He explained that the distributable revenue refered to those revenue items, the expenditure of which were distributed across activities of the Secretariats, Departments and Agencies (SDAs) while the non-distributable revenue refered to inflow of funds for dedicated purposes such as the China Exim Bank Loan for the Abuja light Rail Project.
Other non distributable revenue, according to the minister, were the UBEB Counterpart Fund, Earnings for Covid-19, SUKUK Loan, etc; adding that the non-distributable revenue heads were not available for general expenditure as they are dedicated to specific projects.
According to him, “the FCT 2024 statutory budget preparation aligned with the federal government Budget parameters, and prepared within the context of the Medium-Term Expenditure Framework (MTEF), the Medium-Term Development Plan (MTDP) and the International Public Sector Accounting Standards (IPSAS).
“The Budget proposal has also taken into cognisance the estimated revenue accruing to the FCT through the Federation Account and recognizes other in-house efforts to boost revenue generation capabilities in FCT.”
“For the Capital Expenditure, the FCDA is allocated the sum of N457billion and STDD the sum of N116billion while other SDAs were allocated the balance sum of N153.3billion for their Capital Expenditure to address critical areas like On-Going Road Construction, Completion of Water Treatment Plant and related facilities as well as few new projects.
“The FCDA has a proposal of the sum ofN457 Billion for the provision of infrastructure within and around the Federal Capital City (FCC). Out of this amount, the sum of N282 Billion is earmarked for on-going projects while the sum of N175 Billion is for critical new-projects.”
He listed some of the critical projects to be executed by the FCT Administration in the 2024 Statutory Budget proposal to include; completion of roads B6 B12, construction of Access Road and Car Park for Abuja Light Rail Dei-Dei Gwagwa Station (Lot 5), full scope development of Arterial Road N20 from Northern Parkway to Outer Northern Expressway (ONEX), provision of engineering infrastructure to Guzape, Provision of Engineering Infrastructure to Wuye District, extension of Inner Southern Expressway (1SEX) from Southern Parkway (S8/S9) to Ring Road I (RRI), full scope Development of FCT Highway
105 (Kuje Road) from Airport Expressway to OSEX with spur at Kyami District, construction of Northern Parkway from Ring Road Il to Ring Road ll (6.2Km), Full Scope Development of N5 & N20 and Provision of Engineering District Infrastructure to Asokoro Island layout in the FCT.
