Reps Pass ₦98.5bn FCT Supplementary Budget for 2024

Oluwatobi OdeyinkaJune 6, 20241 Mins read860

The House of Representatives on Thursday passed the 2024 supplementary bill of N98.5 billion for the Federal Capital Territory Administration.

President Bola Tinubu had recently submitted the supplementary appropriation bill to the National Assembly, emphasising its importance in addressing critical infrastructure needs.

The Chairman of the House Committee on Federal Capital Territory, Aliyu Mukhtar Betara, presented the committee’s report to the House, highlighting the necessity of the allocated funds for developing critical infrastructural projects in the federal capital.

Betara stated,

The Committee thoroughly reviewed the President’s presentation and determined that the funds are essential for advancing crucial infrastructural development in the federal capital.

The provisions of the supplementary appropriation specify that the Director of Treasury of the Federal Capital Territory Administration, upon authorisation by warrants signed by the Minister of Federal Capital Territory Administration, is tasked with disbursing funds from the Federal Capital Territory Administration Statutory Revenue Fund during the 2024 fiscal year, not exceeding a total of N61,553,778,260.00.

Regarding the release of funds, the bill mandates that all appropriated amounts must be drawn solely from the Federal Capital Territory Administration Statutory Revenue Fund for the purposes outlined in the bill’s schedule.

It also mandates that all revenues, including statutory revenue distribution, must be deposited into the Federal Capital Territory Administration’s Statutory Revenue Account, with withdrawals requiring appropriation by the National Assembly.

However, the bill provides a waiver for Ministers in cases where appropriated amounts cannot be funded due to revenue shortfalls.

The House unanimously endorsed the committee’s submission during the committee of the whole session.

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