N1.28tr FCT budget to boost infrastructure, says Wike
MINISTER of Federal Capital Territory ( FCT), Nyesom Wike, has declared that the N1.28 trillion 2024 budget for the FCT would revolutionise infrastructural provision in the nation’s capital. The minister, who made the declaration during an interaction with journalists in Abuja, said the budget would not only cater for the provision of roads in the FCT, but would also prioritise the healthcare and education sectors, as well as the Abuja metro line, among other projects.
He said: “Frankly speaking, it is going to revolutionise infrastructure as far as the FCT is concerned. Not only in road networks but also in health and education.” The minister said 70 per cent of the budget had been allocated to capital expenditure, with 58 per cent of that capital component earmarked for the completion of ongoing projects, while 42 per cent would be for new projects.
According to the minister, priority will be given to the rehabilitation of 21 schools in deplorable conditions across the six area councils and the Utako, Gwagwalada, and Gwarimpa General Hospitals to ensure that they are up to the required standard.
“I believe by the grace of God that the budget is going to be very impactful to the residents of Abuja,” he added. On how the FCT intended to finance the over N1 trillion budget, which is the largest since the inception of the FCT, the minister disclosed that the withdrawal of the FCT from the Treasury Single Account ( TSA) has enabled the administration to source for funds from the financial market, using its IGR.
He said the FCT Administration, through this approach, would be able to address the issue of delays in the completion of ongoing projects as well as the attendant variation of contracts in addition to also restoring the confidence of contractors, which was hitherto lacking. The minister also stated that contractors in the FCT were fully committed to completing the projects scheduled for completion in May this year to mark the President’s one year in office.