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Wike Unveils Detailed Plan For Allocation of FCT’s N1.28 Trillion Budget

Published

8 months ago

Apr 3, 2024.

Allocation of FCT's N1.28 Trillion Budget

FCT Minister Nyesom Wike Unveils Detailed Plan For Allocation of FCT’s N1.28 Trillion Budget.
70% of the budget allocated to capital expenditure, with emphasis on completing ongoing projects and initiating new ones.
Financing sourced from financial markets using the FCT’s IGR, aiming to expedite project completion and restore contractor confidence.

EKO HOT BLOG reports that the Minister of the Federal Capital Territory, Nyesom Wike, has explained how he plans on spending the FCT’s N1.28 trillion 2024 statutory budget.
Wike disclosed that the N1.28 trillion will revolutionise infrastructure provision in the nation’s capital.

The Minister stated this during a media chat with journalists in Abuja.

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According to him, the budget will not only cater for the provision of roads in the FCT but will also prioritise the healthcare and education sectors, as well as the Abuja metro line, amongst other projects.

He said: “Frankly speaking, it is going to revolutionise infrastructure as far as the FCT is concerned. Not only in road networks but also in health and education.”

Wike stated that 70 per cent of the budget has been allocated to capital expenditure, with 58 per cent of that capital component earmarked for the completion of ongoing projects, while 42 per cent is for new projects.

Abuja

According to the Minister, projects to be given priority include the rehabilitation of 21 schools in deplorable conditions across the six area councils as well as the general hospitals in Utako, Gwagwalada, and Gwarimpa to ensure that they are up to the required standard.

He said: “I believe, by the grace of God, that the budget is going to be very impactful on the residents of Abuja.”

On how the FCT intends to finance the over N1 trillion budget, which is the largest since the inception of the FCT, the minister disclosed that the withdrawal of the FCT from the Treasury Single Account, TSA, has enabled the FCT Administration to source funds from the financial market using its IGR.

He said the FCT Administration, through this approach, would be able to address the issue of delays in the completion of ongoing projects as well as the attendant variation of contracts, in addition to also restoring the confidence of contractors, which was hitherto lacking.

He said: “The funds are there now and the contractors are happy because these funds have been tied to various specific projects. It is going to create a situation where people will wonder what is going on.