The Federal Capital Territory (FCT) Administration’s Statutory Revenue Fund of N502. 95 billion has passed second reading in the House of Representatives.
The N502. 95 billion FCT statutory budget is for the 2023 financial year running from January 1 to December 31.
President Muhammadu Buhari had in December transmitted the 2023 statutory budget of the Federal Capital Territory (FCT) to the House.
President Buhari in a letter addressed to the Speaker of the House Representatives asked the House to give accelerated consideration to the request.
“Pursuant to Section 121 of Constitution of the Federal Republic of Nigeria1999 (as amended), I forward herewith the Federal Capital Territory’s 2023 Statutory Budget Proposal, for the kind consideration of the House of Representatives.
“In the preparation of the Federal Capital Territory’s 2023 Statutory Budget Proposal, the Federal Capital Territory Administration aligns with the Federal Government’s laudable fiscal development policies.
“Accordingly, the FCT 2023 Budget proposal prioritizes improvement in Health Care Services, Job Creations, Youth Empowerment, Social Welfare Services, Education, and Increased productivity in Agriculture, in order to lift significant numbers of our citizens out of poverty,” the letter read.
The bill which stood in the name of the House majority leader, Alhassan Ado-Doguwa showed that out of N502. 95 billion, N78.13 billion is for personnel costs; and the sum of N116.97 billion is for vverhead costs; while the balance of N307.84 billion is for capital project.
It reads: “a bill 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 N502,958,983,377.00, of which N116,976,164,567.00 is for Overhead Costs; while the balance of N307,847,115,280.00 only, is for Capital Project; for the service of the Federal Capital Territory, Abuja, for the financial year commencing from 1 January and ending on 31 December, 2023.”
N.O
