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Senate passes N329.9bn budget for FCT

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Senate passes N329.9bn budget for FCT

Senate has passed the sum of N329,963,491,523 as statutory budget for the Federal Capital Territory, FCT for the 2021 fiscal year.

The passage followed the consideration of the report of the Committee on FCT on the Territory’s Appropriation Bill, 2021.

Chairman of the committee, Senator Abubakar Kyari (APC Borno North), said from the projected revenue of N329,963,491,523, the sum of N74,323,382,813 is for personnel costs; N58,728,614,466 for overheads; and N196,911,494,243 for capital orojects.

He disclosed that the overall performance of the FCT 2020 statutory budget allocation was 88 percent as at 31st December, 2020.

Kyari further disclosed that most of the projects executed by the Federal Capital Territory Administration, FCTA and the Federal Capital Development Administration, FCDA were still ongoing “due to overbearing ineptitude of getting the Due Process Certificates on time.”

Senate passes N329.9bn budget for FCT

He observed that new and ongoing projects were not sufficiently funded due to delay in the release of funds, occasioned by bureaucratic bottlenecks.

The lawmaker added that projected revenue accrued to FCT Administration was stretched by N30 billion naira, due to additional revenue derived from Additional Statutory Allocation received from the differential distributed from the Excess Crude Account for receipts from January to May, 2021, and expected receipts for the remaining seven months of the year; and Stamp Duty Refunds.

According to him, the Committee on FCT consequently increased the fiscal framework to accommodate revenue receipts from additional statutory allocation and stamp duty fees to bring the total expenditure to N329,963,491,523 billion.

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