Nigeria Revised Budget: House of Reps Passes N199 Billion 2020 FCT Budget

The House of Representatives yesterday passed the N199, 240,531,350 billion 2020 statutory budget for the Federal Capital Territory Administration (FCTA).

The passage was with consideration and adoption of a report at the plenary, presented by Committee on Federal Capital Territory.

Presenting the report, the Chairman of the Committee on FCT, Hon. Abdullahi Garba said the budget is for the financial year commencing January 1 and ending when the 2021 FCT Statutory Appropriation Act comes into effect.

In a statement he further explained that from the total sum, N63, 620,646,865 is for personnel costs, N55, 393,961,085 is for overhead costs, while the balance of N80, 225,923,400 is for capital projects.

Hon. Garba said,

“The House do consider the report of the Committee on the Federal Capital Territory on a bill for an Act to Authorize the issue from the Federal Capital Territory Administration Statutory Revenue Fund of the Federal Capital Territory Administration Account, the total sum of N199, 240, 53,350.

“Of this sum N63, 620,646,865.00 only, is for Personnel Costs”.

“The sum of N55, 393,961,085.00 only, is for Overhead Costs. While the balance of N80, 225,923,400 only, is for Capital Projects for the service of the Federal Capital Territory, Abuja.

“The Director of Treasury of the FCTA shall, when authorised to do so by warrants signed by the Minister Federal Capital Territory Administration with responsibility to pay out of the FCTA Statutory Revenue Fund of the FCTA during the financial year 2020 the sum specified by the warrants, not exceeding in the aggregate N199,240,531,350”

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