From Olawale Ajimotokan in Abuja
The Federal Capital Territory Administration has proposed an expenditure of N271.532 billion for the 2018 fiscal year.
This was disclosed Tuesday by FCT Minister, Muhammad Musa Bello, when he appeared at a budget session before the Senate Committee on FCT.
The figure represented a N49.171 billion increase over the N222.360 billion that was appropriated in 2017.
The capital expenditure is N154.232 billion or 56.8 percent of the estimate, while the proposed overhead cost is N61 billion or 22.5 percent of the budget estimate. The personnel cost is N56 billion representing 20.68 percent of the total appropriation.
While presenting the budget, the minister indicated the increase was
based on the expected higher revenue generation by the FCT in view of the take-off of the FCT Internal Revenue Service (IRS) and expected increased funds from the federation account.
He said N70 billon had been earmarked by the FCTA for the completion of ongoing projects in the city.
In the same regard, N4.7 billion will be committed into on-going critical new infrastructural projects, while N21.1 billion is proposed for ongoing as well as new infrastructure projects in the satellite towns.
The sum of N37.96 billion is set aside for the education sector while health sector got a vote of N22.8 billion.
The sum of N8.9 billion is proposed for Resettlement and Compensation while the Transportation Sector got N20.5 billion.
Under this heading, the Abuja Light Rail Project would gulp N12.3 billion, while Environment, Water and Agriculture sectors altogether are allocated approximately N16.3 billion.
The budget is to be funded from the one percent of the 52.68 percent Statutory Allocation to the federal government from the Federation Account, Internally Generated Revenue (IGR) and other sources as contained in the Fiscal Framework of the federal government.
At the presentation, the Chairman, Senate Committee on FCT, Senator Dino Melaye, said the budget performance for the 2017 fiscal year showed a 62 percent level of accomplishment.
Melaye also applauded the FCTA for the successful commissioning of the Abuja Light Rail System, while calling for honesty, prudence and transparency in the management of government resources.
