Senate Approves N288bn Supplementary Budget for FCT Amid Calls for Enhanced Revenue Generation

In a significant move aimed at bolstering the development of the Federal Capital Territory (FCT), the Nigerian Senate on Thursday gave its approval to a supplementary budget of N288 billion for the FCT Administration (FCTA) for the 2024 fiscal year.

The decision followed the presentation of a harmonized report by the Joint Committees on FCTA and FCT Area Councils, led by Senator Mohammed Bomai (APC-Yobe).

The approval of the budget is a reflection of the government’s commitment to address critical needs within the FCT, including infrastructure development and improved service delivery.

In his address, Senator Bomai emphasized that the Committee conducted a comprehensive review of the proposed budget, paying particular attention to the revenue sources that would fund the additional expenditures.

According to Bomai, 89.21% of the supplementary budget will be sourced from revenue generation efforts, while 10% will go towards overhead costs. This ratio reflects the government’s increasing focus on self-sustainability and reducing dependency on federal allocations, particularly within the capital city.

The supplementary budget approval came after a detailed clause-by-clause review during the Committee of Supply session. The swift processing of the Bill earned commendation from Deputy President of the Senate, Barau Jibrin (APC-Kano), who chaired the session. He lauded the Joint Committee’s efficiency in handling the budget and urged other government bodies to emulate their dedication to improving financial processes.

Perhaps most notably, Jibrin singled out FCT Minister Nyesom Wike for praise, acknowledging his efforts in enhancing internal revenue generation and pushing forward key infrastructure projects across the FCT.

Wike’s tenure has been marked by bold initiatives aimed at addressing the capital’s growing urban challenges, and his work has drawn attention as a model for other government appointees.

“This supplementary budget is not just about figures; it’s about laying the groundwork for sustainable growth in our nation’s capital,” Jibrin remarked.

He urged other ministries and departments to adopt similar strategies for improving revenue and boosting development across the country.

The FCT Supplementary Appropriation Bill now awaits further implementation as the FCT Administration plans to channel the funds into critical areas, including infrastructure, healthcare, and housing.

This budget boost is expected to accelerate ongoing projects and address pressing challenges in the capital city, paving the way for a more developed and sustainable Abuja.

With increasing focus on revenue generation and efficient use of resources, the Senate’s approval signals a shift toward more sustainable fiscal practices aimed at ensuring the long-term development of the FCT and beyond.