FCT budget jumps from N329 billion to N607.9 billion in less than 1year

The House of Representatives has passed the budget of the Federal Capital Territory for the 2022 fiscal year.

The N607.9 billion budget was passed on Tuesday after consideration by the Committee on Supply.

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The new budget of the ministry shows that the budget of the FCT has increased from N329 billion in 2021 to N607.9 billion in 2022.

The breakdown of the budget shows that N403.6 billion has been allocated for capital projects. This allocation is more than the entire N329 billion budget of 2021.

N127 billion has been allocated to overheads and N76 billion for personnel costs. The budget is to run from 1 January 2002 to end on 31 December 2022.

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The House resolved that “The Minister of Federal Capital Territory and the Director of Treasury Federal Capital Territory Administration shall immediately upon the coming into force of this Bill, furnish the National Assembly, on a quarterly basis, the status of the records of the Federal Capital Territory Statutory Accounts.”