The Nigerian Senate on Thursday passed for second reading the 2024 Federal Capital Territory Appropriation Bill.
The Bill which was sent to the Upper chamber by President Bola Tinubu was expeditiously passed after it’s general Principle was read by the Senate leader, Opeyemi Bamidele on the floor.
The Bill seeks to authorize for the appropriation of the sum of N1.1tn from the Federal Capital Territory Administration Consolidated Revenue Fund.
A breakdown of the N1.1tn proposed expenditure shows that N280bn is earmarked for overhead, N726bn for capital projects, and N140bn for personnel cost.
The Senate leader noted that the appropriation bill takes into cognizance the FCT administration’s revenue and expenditure forecasts which are in tandem with fiscal and developmental policies of the Federal Government.
In his remarks, President of the Senate, Godswill Akpabio assured that the bill presented is the earliest ever by any FCT Minister.
He says the passage of the Appropriation Bill will encourage the Minister of the FCT to advance reforms in the nation’s capital.
The bill is thereafter referred to the Committee on FCT for necessary legislative works, and to report back to plenary.
President Tinubu in a letter to the Senate, had stated that the budget proposal has been prepared on the basis of the FCTA’s revenue and expenditure forecasts and is aligned with fiscal and developmental policies of the Federal Government and the Renewed Hope Agenda.
He added that the Budget proposal takes into consideration the 2024-2026 Economic Recovery Growth Plan as well as key assumptions in the 2024 Appropriation Act.
The President’s letter explained that the FCTA is prioritizing improvement in Healthcare Services, job creation, Youth empowerment and increased productivity in agriculture, in order to lift as many citizens as possible out of poverty.
Editor: Ken Eseni
