The Federal Capital Territory Administration has earmarked the sum of N48,152,880,105 of its 2024 budgetary allocation for the “Greater Abuja Water Supply Project (multilateral/bilateral project tied loan)”.
The amount represents 73 per cent of its total budget of N65,262,626.636, as observed in the 2024 Appropriation Bill released by the Budget Office of the Federation, on Wednesday.
Ugamatv reports that President Bola Tinubu presented the 2024 budget which he dubbed the “Renewed Hope Budget” to a joint session of the National Assembly last Wednesday, November 29, 2023.
Our correspondent also observed that the total N65.2bn budget for the FCT was to be spent on capital projects.
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The FCT Minister, Nyesom Wike, while presenting a N61.6bn 2023 Supplementary Budget to the Senate and House Committees on FCT last Wednesday, had stated that he planned to allocate the greater part of the FCT budget to capital expenditures, and the rest of the budget to recurrent expenditure.
“I told the excos the other day, I said listen, this your packing pf projects will not work. I’m going to do seventy-thirty. Seventy capital, thirty for recurrent. Look, we can’t spend all our money on recurrent,” he said.
Among the projects captured in the FCT’s 2024 budget include the design and construction of the Nigeria Cultural Centre and Millennium Tower for N4.5bn; the design and construction of the Vice President’s Residence for N4bn; and the Rehabilitation of the Federal Secretariat for N3.5bn.
Others are counterpart funding for the Greater Abuja Water Supply Project for N5bn and the settlement of residential and office accommodation for international organisations in the FCT, awarded for N609,746,531.