Senate okays N329.9bn budget for FCT
The Senate yesterday passed the sum of N329.963bn as statutory budget for the Federal Capital Territory (FCT) for the year 2021. This followed the consideration of the report of the Committee on Federal Capital Territory on the FCT Appropriation Bill, 2021. The committee’s chairman, Senator Abubakar Kyari, said from the total expenditure, the sum of […]
Minister of Agriculture and Food Security, Senator Abubakar Kyari
The Senate yesterday passed the sum of N329.963bn as statutory budget for the Federal Capital Territory (FCT) for the year 2021.
This followed the consideration of the report of the Committee on Federal Capital Territory on the FCT Appropriation Bill, 2021.
The committee’s chairman, Senator Abubakar Kyari, said from the total expenditure, the sum of N74bn was personnel costs; N58.7bn, for overheads, and N196.9bn, for capital projects.
He said the overall performance of the FCT 2020 Statutory Budget Allocation was 88 per cent as of December 31, 2020.
Kyari said most of the projects executed by the Federal Capital Territory Administration and the Federal Capital Development Authority were still ongoing “due to overbearing ineptitude of getting the Due Process Certificates on time.”
He said new and ongoing projects were not sufficiently funded due to delay in the release of funds, occasioned by bureaucratic bottlenecks.
He said the projected revenue accrued to FCTA was stretched by N30bn 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, expected receipts for the remaining seven months of the year and Stamp Duty Refunds.
He said the committee 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 naira.