Minister of the Federal Capital Territory (FCT), Nyesom Wike, has said the N1.15 trillion 2024 proposed FCT statutory budget was designed to transform the capital city and rural communities.
Wike spoke when he appeared before the Senate and House Committees on FCT to defend the budget. He said of the amount, N421.44 billion was earmarked as recurrent expenditure, representing 36.7 percent while N726.3 billion was set aside for capital expenditure, representing 63.3 percent.
He said the proposed capital expenditure would be dedicated to the development of infrastructure with emphasis on the completion of ongoing projects.
The minister added that of the N726.3 billion capital expenditure, N80 billion was allocated for SUKUK loan projects, while N29 billion was earmarked for Abuja Light Rail project.
He also said the N500 billion was for commercial loans for the completion of some ongoing capital projects in the Federal Capital City (FCC) and satellite towns.
Wike said the balance of N117.3 billion was dedicated to the completion of ongoing capital projects and other counterpart funded-related projects, aimed at enhancing the socioeconomic activities in the FCT.
He said that Federal Capital Development Authority (FCDA) and Satellite Towns Development Department (STDD) got the larger chunk of the capital budget.
He explained that FCDA got N457 billion, STDD N116 billion while other secretariats, departments and agencies (SDAs) got N153.3 billion.
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