Nigerian lawmakers pass N330 billion budget for capital territory

June 29, 2021
by
Nigerian Senate 696x464 1
Nigerian Senate 696x464 1

The Senate has passed the sum of N329,963,491,523 billion as Statutory budget for the Federal Capital Territory for the year 2021.

The passage followed the consideration of the report of the Committee on Federal Capital Territory on the FCT Appropriation Bill, 2021.

Join our WhatsApp Channel

Chairman of the Committee, Senator Abubakar Kyari (APC, Borno North), said from the projected revenue of N329,963,491,523, the sum of N74,323,382,813 is for Personnel Costs; N58,728,614,466 for Overheads; and N196,911,494,243 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 disclosed 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 N329,963,491,523 billion naira.

+ posts
the pandemics impact in east africa demands accelerated digital transformation
Previous Story

The pandemic’s impact in East Africa demands accelerated digital transformation

NGX Logo
Next Story

Stock Market: LinkAssure, Ikeja Hotel consolidate gains on NGX chart

Latest from Finance & Economy

Dangote Refinery Cuts Diesel Price To ₦960 Per Litre

PENGASSAN Suspends Strike as FG Brokers Peace with Dangote Refinery

The Federal Government has brokered peace between the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and Dangote Refinery, leading to the suspension of the union’s nationwide strike. Minister of Labour and Employment, Dr. Mohammed Maigari Dingyadi, confirmed the truce

The Nigerian Economy At 65, By Muda Yusuf 

Nigeria has experienced eight recessions since independence — in 1967, 1975, 1978, 1981–1983, 1993, 2016, and 2020 — largely triggered by oil price shocks, fiscal mismanagement, or global crises. Each downturn revealed the same structural fragilities: heavy reliance on oil revenues, weak
the pandemics impact in east africa demands accelerated digital transformation
Previous Story

The pandemic’s impact in East Africa demands accelerated digital transformation

NGX Logo
Next Story

Stock Market: LinkAssure, Ikeja Hotel consolidate gains on NGX chart

Don't Miss

Naira Scarcity: Bankers In Viral Video Flee Angry Customers Through Back Fence

Naira Scarcity: Bankers In Viral Video Flee Angry Customers Through Back Fence

Bankers in Delta State took turns to scale the bank
Top Two Billionaires, Bernard Arnault, Elon Musk, Lose $7.8 billion, As Wealth Drops

Elon Musk Reduces Tesla Investment, As Twitter Court Battle Nears

The Chief Executive Officer of Tesla, Elon Musk, has sold