The FCT Minister, Muhammad Musa Bello, presented the sum of N299,963,491,522.46 as the proposed FCT 2021 Statutory Budget.
The Minister presented the sum to the Senate Committee on the Federal Capital territory on Tuesday in Abuja.
The Minister proposed that the budget would take into accounts forecast revenue for the FCT through the Federal account, and pledged more internal efforts to boost revenue-generating capacity.
He also added that the expected recurrent expenditure is N136,312,350,743.21 while capital expenditure is N163,651,140,779.25, while overhead Costs was ₦61,788,967,930.06 and personal costs accounting for N74,523,382,813.15 was proposed.
”Equally, the sum of N136,312,350,743.21 representing 54.56 per cent was proposed as capital expenditure for the year 2021, which was for the development of infrastructure with emphasis on completion of ongoing projects.
” Out of the proposed capital expenditure, the sum of N78,793,795,841.000 is dedicated to the completion of the ongoing Abuja Light Rail projects and other counterpart funded related projects aimed at enhancing socio-economic activities of the FCT,” Bello disclosed.
On FCT MDAs, the Minister disclosed that the sum of N26.7 billion was allocated to the Federal Capital Development Authority (FCDA) and N17.7 billion for the Satellite Towns Development Department (STDD).
Capital Expenditures for the N17.7 billion were allocated the cumulative sum of N40,903,488,220.00.
What you should know
- Internally Generated Revenue (IGR) of the 36 states of the federation and the Federal Capital Territory (FCT) declined by 12% y/y to N612.87bn in H1 2020 from N693.91bn in H1 2019.
- In Q2 2020, Lagos State had the highest IGR with N204.51bn (equivalent to 33.4% of total IGR), followed by Rivers State with N64.59bn ( 10.5%), FCT with N35.21bn (5.7%)
