President Bola Ahmed Tinubu has approved the N1.1 trillion statutory budget earmarked for the Federal Capital Territory (FCT) for the 2024 fiscal year.
The announcement came from the FCT Minister, Nyesom Wike, during a media briefing held at his Abuja office on Tuesday, News About Nigeria reports.
Wike expressed his satisfaction with the presidential endorsement, adding that the budget will have a positive impact on critical sectors such as infrastructure, healthcare, and educational institutions within the FCT.
This budget approval follows the successful passage of the FCT appropriation bill in the Senate the previous month.
During the deliberations of the budget in the Senate, the sponsor and Senate Leader, Opeyemi Bamidele, said meticulous considerations of revenue and expenditure forecasts aligned with federal fiscal and developmental policies were done.
According to the details revealed, the N1.1 trillion budget allocation includes N280 billion designated for overhead expenses, N726 billion allocated to capital projects, and N140 billion earmarked for personnel expenditures, resulting in a total budget estimate of N1.147 trillion.
Meanwhile, Minister Wike expressed satisfaction with the progress of work on the FCT Highway 105, set to connect the Airport Expressway to the Kuje township.
The minister commented on recent inspections of ongoing infrastructure projects within the FCT last week.
The inspection tour covered an 11-kilometer stretch of the six-lane dualization project executed by Arab Contractors.
Minister Wike affirmed his confidence in the project’s timely completion by year-end, assuring that all impediments hindering progress have been effectively addressed.
He said, “You can see with your eyes that the work is going on very well. With the quality of work we saw, we are very satisfied too. The contractor has said that before the end of the year, they would have completed the project. That will be interesting news. It gladdens our hearts that we are meeting our targets.”
