N61.55bn FCT Supplementary Budget Gets Second Reading

The N61.55 billion supplementary budget (appropriation bill) for the Federal Capital Territory Administration (FCTA) passed through second reading at the House of Representatives, yesterday.

Of the proposed sum, N12 billion is for overhead and N48.65 billion is for capital expenditure costs for the service of the FCT for the financial year ending December 31, 2023.

The bill was passed for second reading shortly after it scaled through first reading, sequel to the FCT supplementary statutory appropriation request submitted by President Bola Tinubu to the House.

Tinubu in a letter read by Speaker Abbas Tajudeen at the commencement of plenary yesterday asked the House to consider the request to enable the government execute projects the current budget could not fund.

He said the projects are to ease transportation, provide gainful employment and ensure impact on the FCT as identified by the FCT minister.

RELATED

IAWPA Congratulates Americans On Independence Day

2 hours ago

Release NDDC Forensic Audit Report Or I Resign As FCT Minister, Wike Tells Federal Gov’t

3 hours ago

“However, the current FCT statutory appropriation does not appropriately capture the projects. In forgoing, the supplementary appropriation 2023 for the FCT is being proposed.

“I hereby forward the proposed 2023 supplementary appropriation act for FCTA and hope that it will receive consideration and passage by the House of Representatives” the letter reads in parts.

Consequently, the executive bill was slated for first and second readings and after passage, it was referred to the House Committee on FCT Appropriations for further legislative inputs.

The proposed legislation read: “A Bill for an Act to Authorise the issuance from the Federal Capital Territory Administration’s Statutory Revenue Fund of the Federal Capital Territory Administration Account, the total sum of N61, 553, 778, 259, 93.

“Of which the sum of N12, 900, 000, 000. 00 (twelve billion, nine hundred million, Naira) only is for Overhead Costs and the sum of N48, 653, 778, 260. 00 (forty-eight billion, six hundred and fifty–three million, seven hundred and seventy-eight thousand, two hundred and sixty Naira) only, is for Capital Expenditure costs for the service of the Federal Capital Territory, Abuja, for the Financial Year Ending on 31 December 2023.”