Reps approves N607.9 billion budget for FCTA

The House of Representatives on Tuesday considered and approved a budget of N607.9billion for the Federal Capital Territory Administration.

The statutory allocation is for the total spending of the FCTA for 2022, closing on December 31.

Lawmakers in the Committee on Supplies chaired by the Speaker, Hon. Femi Gbajabiamila, considered and approved the money bill in Abuja.

It followed a report on the budget earlier presented to the House by the Committees on Federal Capital Territory Administration and Federal Capital Territory Area
Council and Ancillary Matters.

A breakdown of the budget showed that the lion’s share of N403.7bn was approved for capital projects, while the N127.7bn was approved for overhead costs.

The sum of N76.5bn was approved for personnel spending.

The House’s approval reads partly,

” 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 responsibility to pay out of the Federal Capital Territory Administration Statutory Revenue Fund of the Federal Capital Territory Administration during the financial year 2022 the sum specified by the warrants, not exceeding in the aggregate N607,952,023,580.00 (Six Hundred and Seven Billion, Nine Hundred and Fifty Two Million, Twenty Three Thousand, Five Hundred and Eighty Naira) Only

“The amount mentioned in Clause (1) of this Clause shall be appropriated to heads of Expenditure as indicated in the schedule to this Bill.”

It further stated that the release of funds
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.