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Senate approves N329.963bn FCT budget 2021
• N74,323,382,813 is for personnel costs
• N196,911,494,243 goes for capital projects
• N58,728,614,466 overheads

July, 2021 | By Felix Durumbah | ||

In a move that will bring sunshine and joy to residents of Federal Capital Territory (FCT), Senate has passed the sum of N329, 963,491,523 billion as statutory budget for the Federal Capital Territory (FCT) for the year 2021.

The vital legislative action last Tuesday came on the heels of consideration of the report of the Committee on FCT on the FCT Appropriation Bill 2021. Committee Chairman, Senator Abubakar Kyari, said from the projected revenue of N329,963,491,523, the sum of N74,323,382,813 goes for personnel costs; N58,728,614,466 for overheads; and N196,911,494,243 for capital projects.

Senator Kyari explained that the general performance of the FCT 2020 statutory budget allocation was 88 per cent as of 31 December, 2020. According to him, most of the projects executed by Federal Capital Territory Administration (FCTA) and Federal Capital Development Authority (FCDA) were ongoing. The Chairman said the situation was due to issues associated with ''getting the Due Process Certificates on time."

Senator Kyari noted that new and ongoing projects were insufficiently funded on account of delay in funds release, linked to bureaucratic hiccups. The Chairman explained that projected revenue accrued to FCTA was stretched by N30 billion due to additional revenue derived from additional statutory allocation received from the differential distributed from the Excess Crude Account for receipts from January-May 2021 and expected receipts for the remaining seven months of the year; as well as stamp duty refunds.

He said 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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