Senate Increases FCT 2024 Budget To ₦1.3trn

The Senate has increased the 2024 Federal Capital Territory (FCT) budget to about ₦1.3 trillion after the bill scaled third reading.

Persecondnews reports that the budget was increased by ₦135 billion against the proposed ₦1.1 trillion for the 2024 fiscal year.

Presenting the breakdown during plenary on Tuesday, the Chairman of the Senate Committee, Mr. Mohammed Ibrahim, representing Yobe South, said ₦140 billion is for personnel costs, about ₦374 billion is for overhead costs, and the balance of ₦768 billion is earmarked for capital projects for the 2024 financial year.

In a debate last week, another senator, Opeyemi Bamidele, said the appropriation bill took into consideration the FCT administration’s revenue and expenditure forecasts, which, according to him, are in tandem with the fiscal and developmental policies of the Federal Government.

President of the Senate, Godswill Akpabio, said the bill presented earlier than usual, will be expeditiously considered and passed to encourage the Minister of the FCT to advance reforms in the nation’s capital.