The Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, has appealed to the National Assembly to approve the FCT’s N1.78 trillion Statutory Budget proposal for the 2025 fiscal year.
Wike made the call in Abuja on Wednesday, when he appeared before the Senate and House of Representative Committees on FCT, to defend the 2025 FCT proposed budget.
He explained that out of the N1.78 trillion, N1.28 trillion was earmarked for capital projects, representing 72.3 per cent, while N494.1 billion was set aside for recurrent expenditure representing 27.7 per cent.
He added that the recurrent expenditure was made up of N150.4 billion personnel cost and N343.8 billion overhead cost.
He said that the N1.78 trillion 2025 budget was N115 billion higher than the N1.67 trillion 2024 revised budget, representing a seven per cent increase.
This increase, according to the minister, was to achieve a realistic budget performance having considered the remarkable improvement in the revenue generated in the 2024 fiscal year.
Providing further breakdown of the proposed capital budget, Wike said that the N1.28 trillion was for the development of infrastructure with emphasis on completion of ongoing projects.
He added that out of the amount, N919.7 billion was dedicated for the completion of ongoing capital projects and other counterpart funded related projects aimed at enhancing socio-economic activities in the territory.
He also said that N80 billion was set aside for SUKUK loan projects, N25 billion for Abuja Light Rail project and N15 billion for Abuja Greater Water Supply project.
Wike further said that N250 billion was earmarked for commercial loans planned to complete some ongoing capital projects in federal capital and satellite towns.
He said for the capital expenditure, N801.5 billion was allocated to the Federal Capital Development Authority
This, he described as the “engine room” of the FCT Administration.
Wike also said a total of N137 billion was allocated to the Satellite Towns Development Department, while N351.2 billion was set aside for other FCT Secretariats, Departments and Agencies for capital projects.
Speaking on the performance of the 2024 budget, Wike said that out of the N1.67 trillion revised budget, a total of N1.23 billion was spent as at Dec. 2024, representing 74 per cent performance.
The minister attributed the successes being recorded to the laudable support of the National Assembly and President Bola Tinubu.
“I thank you very much for the opportunity provided to the FCT Administration to defend its 2025 statutory budget proposal.
“It is my conviction that with your legislative and moral support, the development of our capital city to its envisaged status of a modern city comparable to any in the world will be achieved,” Wike said.
The Chairman, Senate Committee on FCT, Sen. Ibrahim Bomai, assured the minister of the Senate support, stressing that his performances were visible to everyone.
Bomai said that the huge preference to capital expenditure was particularly commendable, describing the budget as “one of the best”.
Similarly, the Chairman, House of Representative Committee on FCT, Muktar Betara, equally commended the minister for the ongoing transformation of the FCT.
Betara assured the minister of the continued support of the Green Chamber, adding however, that the committee would carry out periodic oversights to see things for themselves and advice where necessary. (NAN)
