News
Reps Passes N98.5 Billion Supplementary Bill For FCT Infrastructure
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Reps passes N98.5 billion supplementary bill for FCT Administration
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Tinubu presents bill to National Assembly for critical infrastructure development
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Committee chair highlights necessity of funds for infrastructure development in federal capital
EKO HOT BLOG reports that the House of Representatives passed the 2024 supplementary bill of N98.5 billion for the Federal Capital Territory Administration on Thursday, June 6.
President Bola Tinubu recently presented the supplementary appropriation bill to the National Assembly, emphasizing that the funds were intended for critical infrastructure.
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Hon. Aliyu Mukhtar Betara (APC, Borno), chairman of the House Committee on Federal Capital Territory, presented the committee’s report to the House for consideration.
He stated: “This House does consider the Report of the Committee on Federal Capital Territory on a Bill for an Act to Authorise the issue from the Federal Capital Territory Administration’s Statutory Revenue Fund of the Federal Capital Territory Administration account, the total sum of N98,500,000,000 (ninety-eight billion, five hundred million) only for Capital Projects; for the Service of the Federal Capital Territory, Abuja, for the Financial year ending December 31, 2024.”
Betara added that the committee scrutinized the President’s presentation and concluded that the funds were necessary for developing specific infrastructures in the federal capital.
Provisions of the supplementary appropriation state: “The Director of Treasury of the Federal Capital Territory Administration shall when authorized to do so by warrants signed by the Minister Federal Capital Territory Administration with the responsibility to pay out of the Federal Capital Territory Administration Statutory Revenue Fund of the Federal Capital Territory Administration during the financial year 2024 the sum specified by the warrants, not exceeding in the aggregate N61,553,778,260.00 (sixty-one trillion, five hundred and fifty-three million, seven and seventy-eight thousand, two hundred and sixty naira) only.
Supplementary Bill For FCT
“The amount mentioned in Section (1) of this Section shall be appropriated to heads of Expenditure as indicated in the schedule to this Bill.”
On the release of funds, it states that “all amounts appropriated under this Bill shall be made from the Federal Capital Territory Administration Statutory Revenue Fund only for the purposes specified in the schedule to this Bill.
“All revenues accruing to the Federal Capital Territory Administration, including the Statutory Revenue distribution shall be paid into the Federal Capital Territory Administration’s Statutory Revenue Account.
“No monies shall be withdrawn from the Account mentioned in Section 3(1) above without appropriation by the National Assembly.”
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It grants a waiver to the ministers saying, “Where, due to revenue shortfall, amounts appropriated under this Bill cannot be funded, the Minister of Federal Capital Territory shall seek from the National Assembly a waiver not to incur such expenditure.”
The submission by the committee was unanimously adopted by the House at the committee of the whole.
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