Yesterday, the House of Representatives passed the N61.55 billion supplementary budget (appropriation bill) for the Federal Capital Territory Administration (FCTA) during its second reading,leadership reports.
Within the proposed amount, N12 billion is allocated for overhead costs, while N48.65 billion is designated for capital expenditure to serve the needs of the FCT for the financial year ending on December 31, 2023.
The bill swiftly moved to its second reading following the first reading, prompted by the FCT supplementary statutory appropriation request submitted by President Bola Tinubu to the House. In a letter read by Speaker Abbas Tajudeen at the beginning of the plenary session, Tinubu urged the House to consider the request, emphasizing the necessity to execute projects beyond the scope of the current budget.
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The letter outlined the objectives of the proposed projects, including improving transportation, creating employment opportunities, and making a positive impact on the FCT, as identified by the FCT minister. Tinubu highlighted that the current FCT statutory appropriation does not adequately encompass these projects, leading to the proposal for the supplementary appropriation for the FCT in 2023.
The executive bill underwent both first and second readings and, upon passage, was referred to the House Committee on FCT Appropriations for further legislative input.
The proposed legislation articulates its purpose: “A Bill for an Act to Authorise the issuance from the Federal Capital Territory Administration’s Statutory Revenue Fund of the Federal Capital Territory Administration Account, the total sum of N61,553,778,259.93. Of which the sum of N12,900,000,000.00 (twelve billion, nine hundred million Naira) only is for Overhead Costs, and the sum of N48,653,778,260.00 (forty-eight billion, six hundred and fifty–three million, seven hundred and seventy-eight thousand, two hundred and sixty Naira) only is for Capital Expenditure costs for the service of the Federal Capital Territory, Abuja, for the Financial Year Ending on 31 December 2023.”
