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    Senate passes N329.9bn 2021 FCT Statutory Budget

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    Naija247newshttps://www.naija247news.com/
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    By Naomi Sharang
    Abuja, June 29, 2021 The Senate has passed the N329.9 billion 2021 Federal Capital Territory (FCT) Statutory budget.
    The approval came after the upper chamber considered the report of its Committee on FCT regarding the FCT Appropriation Bill, 2021 at Tuesday’s plenary.
    Chairman of the Committee, Sen. Abubakar Kyari said the budget was made up of N74 billion personnel cost, N58 billion overhead and N196 billion capital expenditure.
    He disclosed that the overall performance of the FCT 2020 Statutory Budget was 88 per cent as at Dec. 31, 2020.
    Kyari said that most of the projects executed by the Federal Capital Territory Administration (FCTA) and the Federal Capital Development Administration (FCDA) were still ongoing “due to overbearing ineptitude of getting the Due Process Certificates on time.”
    He observed that new and ongoing projects were not sufficiently funded due to delay in the release of funds occasioned by bureaucratic bottlenecks.
    According to the lawmaker, the projected revenue accrued to FCTA was stretched by N30 billion due to additional revenue derived from Additional Statutory Allocation from the Excess Crude Account for receipts between January and May, 2021.
    He said that the Committee on FCT, consequently increased the fiscal framework to accommodate revenue receipts from additional statutory allocation and stamp duty fees, bringing the total expenditure to N329.9 billion.

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