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FCTA budgets N271.5bn for 2018

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FCTA budgets N271.5bn for 2018

The Federal Capital Territory Administration (FCTA) has proposed a budget of N271.532 Billion, for the 2018 fiscal year. Minister of the FCTA, Mallam Mohammed Bello, who disclosed this at a budget defence session, disclosed that the figure was an increase of N49.171 billion over the appropriation for 2017 which was at N222. 360 billion.

 

A breakdown of the sectoral allocations showed that priority is being given to Capital Expenditure, which got N154.232 billion representing 56.8 per cent of the estimate. Overhead cost came second with N61billion or 22.5 per cent, while Personnel was estimated to cost N56 billion representing 20.68 per cent of the total.

 

The budget is based on the expected higher revenue generation by the FCT in view of the take-off of the FCT Internal Revenue Service (IRS) and expected increased funds from the Federation Account. Bello said that his administration would pay attention to the completion of ongoing infrastructure projects to make the city more liveable. Consequently, N70billion has been earmarked for this purpose.

 

In the same vein, N4.7billion will go to on-going critical infrastructure projects, while N21.1billion is proposed for some ongoing as well as new infrastructure projects in satellite towns. “The amount of N37.96billion has been set aside for the Education Sector while the Health Sector received a whopping N22.8billion. Other major expenditure areas include Resettlement & Compensation – N8.9billion and Transportation Sector – N20.5billion. Of this amount, the Abuja Light Rail Project would gulp N12.3billion. Environment, Water and Agriculture sectors together have been allocated approximately N16.3Billion among others”.

 

Findings showed that the budget would be funded from the one ( 1) per cent of the 52.68 per cent Statutory Allocation to the Federal Government from the Federation Account, Internally Generated Revenue (IGR) and other sources as contained in the Fiscal Framework of the Federal Government.

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