President Bola Tinubu Approves FCT’s 2024 Budget Exceeding N1.1 Trillion
President Bola Tinubu has recently granted approval for the Federal Capital Territory’s (FCT) statutory budget for the fiscal year 2024, which surpasses a staggering N1.1 trillion. This significant milestone was shared during a media chat held in the FCT minister’s office in Abuja on Tuesday, where Minister Nyesom Wike unveiled the details of the budgetary allocation.
The announcement of the approved budget marks a pivotal moment in the FCT’s financial planning and underscores the commitment of the federal government towards the development and advancement of the nation’s capital. With President Tinubu’s endorsement, the FCT is poised to embark on a series of transformative initiatives aimed at enhancing infrastructure, service delivery, and overall quality of life for residents.
A detailed breakdown of the N1.1 trillion budget allocation reveals a strategic distribution across various sectors vital to the FCT’s growth and prosperity. Notably, N280 billion has been earmarked for overhead expenses, reflecting the importance of administrative functions and operational support in driving efficient governance within the territory.
Furthermore, a significant portion of the budget, totaling N726 billion, has been allocated for capital projects. This substantial investment underscores the FCT’s commitment to infrastructure development, encompassing key sectors such as transportation, housing, healthcare, education, and urban planning. These capital projects are poised to stimulate economic growth, create employment opportunities, and enhance the overall livability of the FCT.
In addition to infrastructure investments, the budget also allocates N140 billion towards personnel costs, highlighting the importance of human capital in driving the FCT’s development agenda. This provision ensures the adequate remuneration of government employees and essential personnel involved in delivering public services and implementing developmental programs across the territory.
Overall, the total budget amounting to N1.147 trillion reflects a comprehensive and forward-thinking approach towards addressing the diverse needs and priorities of the FCT. President Tinubu’s approval of the budget underscores the federal government’s unwavering commitment to fostering inclusive growth, sustainable development, and effective governance in the nation’s capital.
As the FCT embarks on the implementation of its ambitious budgetary plans, stakeholders and residents alike can look forward to witnessing tangible progress and tangible improvements in various aspects of urban life. With prudent fiscal management and strategic investments, the FCT is poised to emerge as a model city and a beacon of development for the entire nation.
The approval of the N1.1 trillion budget signals a new chapter in the FCT’s journey towards prosperity and underscores the collective determination to build a vibrant and sustainable capital city that caters to the needs of its residents and visitors alike.
SOURCE: Media Chat with FCT Minister Nyesom Wike, Abuja Office, [Date of Chat].
