2021: Senate Passes N329.9b Budget For FCT

29 June 2021 by James Itodo….

The Senate has passed the sum of N329.9 billion as Statutory budget for the Federal Capital Territory for the year 2021.

The passage came after the upper chamber considered the report of the Committee on the Federal Capital Territory on the FCT Appropriation Bill, 2021.

Chairman of the Committee, Senator Abubakar Kyari said from the projected revenue of over N329 billion the sum of over N74 billion is Personnel Costs; while over N58billion is for Overheads; and about N196 billion is for Capital Projects.

He disclosed that the overall performance of the FCT 2020 Statutory Budget Allocation was 88 percent as at 31st December, 2020.

Kyari further explained that most of the projects executed by the Federal Capital Territory Administration (FCTA) and the Federal Capital Development Administration (FCDA) were still ongoing “due to overbearing ineptitude of getting the Due Process Certificates on time.”

He observed that new and ongoing projects were not sufficiently funded due to delay in the release of funds, occasioned by bureaucratic bottlenecks.

The lawmaker added that projected revenue accrued to FCT Administration was stretched by N30 billion naira, due to additional revenue derived from Additional Statutory Allocation received from the differential distributed from the Excess Crude Account for receipts from January to May, 2021, and expected receipts for the remaining seven months of the year; and Stamp Duty Refunds.

According to him, the Committee on FCT consequently increased the fiscal framework to accommodate revenue receipts from additional statutory allocation and stamp duty fees to bring the total expenditure to over 329.9 billion naira.

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