2024 Approriation: FCTA Needs Over N1Trn For Infrastructure, Services, Others

By: Wisdom Acka

Nigeria’s Federal Capital Territory Minister, Nyesom Wike, has proposed to spend not less than N1. 15 Trillion in its 2024 statutory budget.

The Minister explained that the statutory budget was aimed at transforming both the Federal Capital City and rural communities of the Territory.

He said this separately during presention of the budget before the Senate and House Representatives Committees on FCT in Abuja, Monday.

Wike revealed that the budget proposes allocation of funds to recurrent and capital expenditures; emphasizing that focus was placed on infrastructure development and completion of on-going projects.

Accordingly, N421.44 billion of the total budget is earmarked for recurrent expenditure, while N726.3 billion is allocated for capital expenditure.
Notably, N80 billion is earmarked for SUKUK loan projects, and N29 billion is allocated for the Abuja Light Rail project. Also, N500 billion is designated for commercial loans to complete on-going capital projects in the Federal Capital City and satellite towns.

The Federal Capital Development Authority (FCDA) and Satellite Towns Development Department (STDD) received the largest share of the capital budget, with FCDA allocated N457 billion and STDD N116 billion.

He further explained that the allocations were aimed at addressing critical areas, including road construction, completion of water treatment plant, and targeted new projects to enhance socio-economic activities.

Major road projects included in the budget proposals are the completion of Roads B6 and B12, construction of access road and car park for Abuja Light Rail, and the extension of Inner Southern Expressway (ISEX) among others.

The transportation sector receives N69 billion, with significant allocations for the construction of bus terminals and development projects in education and health sectors.

The proposed budget also makes available funds for agriculture and rural development, meant to ensure improvement in agricultural production, and youth engagement in the sector with a view to enhancing food security in the Territory.

Moreso, allocations were made for Social Development, Legal Services, Abuja Geographic Information Systems (AGIS), and Area Council Services Secretariat to ensure effective service delivery and rural transformation.

Earlier, Chairmen of the Senate and House Committees on FCT, Sen. Ibrahim Bomai and Hon. Mukhtar Betera, commended the Minister for his development initiatives and assured of the National Assembly’s full support in realizing the goals outlined in the budget proposal.