Buhari Approves N241bn Budget For FCT

President Muhammadu Buhari
President Muhammadu Buhari

THE Presidency on Wednesday said President Muhammadu Buhari had assented to the Federal Capital Territory Appropriation Act 2016 passed by the National Assembly.

“The legal implantation of the budget therefore comes into effect, which will result in employment in the formal sectors and informal sectors through projects implementation and employment therefrom arising,” the Senior Special Assistant to the President on National Assembly Matters (Senate), Senator Ita Enang, told journalists on Wednesday.

The Senate had passed the N241.5bn budget in July.

The Chairman, Senate Committee on FCT, Senator Dino Melaye, while presenting the report of his committed on the floor of the chamber, has said the sum of N52.9bn was for personnel cost, N34.4bn for overhead, while N154.1bn was for capital expenditure.

Melaye explained that 80 per cent of the amount for capital expenditure was for the completion of abandoned projects.

AdvertisementMedium Rectangle Online Business MyeBookHub Ad

The lawmaker said FCT’s 2015 budget recorded 61 per cent budgetary performance, while the committee had projected a minimum of 85 per cent to 90 per cent budgetary performance in 2016.

While explaining the rationale behind the laying of the budgets of statutory corporations before the National Assembly for consideration and passage, Enang said that the Fiscal Responsibility Act 2007 states that “the budget of the underlisted agencies, among others, be laid before the Assemblies by Mr. President, in addition to, and independent of, the annual Appropriation Act.”

The departments, corporations and agencies include the Nigerian National Petroleum Corporation; the Nigeria Deposit Insurance Corporation; the Bureau of Public Enterprises; the Nigerian Agency for Science and Engineering Infrastructure; and the Nigerian Social Insurance Trust Fund.

ALSO READ:  LG Electronics Launches Waka Waka Audio System In Nigeria


Please enter your comment!
Please enter your name here