No menu items!
EletiofeHow I Plan On Spending FCT's N1.28 Trillion Statutory...

How I Plan On Spending FCT’s N1.28 Trillion Statutory Budget – Wike

-

- Advertisment -

FCT Minister, Barr Nyesom Wike has given a breakdown of how he intends to utilize the 2024 statutory budget of the Federal Capital Territory, FCT.

Wike disclosed that the N1.28 trillion will revolutionise infrastructure provision in the nation’s capital.

The Minister stated this during a media chat with journalists in Abuja.

According to him, the budget will not only cater for the provision of roads in the FCT but will also prioritise the healthcare and education sectors, as well as the Abuja metro line, amongst 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.”

Wike stated that 70 per cent of the budget has been allocated to capital expenditure, with 58 per cent of that capital component earmarked for the completion of ongoing projects, while 42 per cent is for new projects.

According to the Minister, projects to be given priority include the rehabilitation of 21 schools in deplorable conditions across the six area councils as well as the general hospitals in Utako, Gwagwalada, and Gwarimpa to ensure that they are up to the required standard.

He said: “I believe, by the grace of God, that the budget is going to be very impactful on the residents of Abuja.”

On how the FCT intends 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 FCT Administration to source 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.

He said: “The funds are there now and the contractors are happy because these funds have been tied to various specific projects. It is going to create a situation where people will wonder what is going on.

“This strategy is what I used when I was governor, and it has paid off. Contractors like nothing better than to hear that funds are available. Before you know it, you have turned around the entire place. That is what is going on today in Abuja.”

Latest news

7 Best Handheld Gaming Consoles (2024): Switch, Steam Deck, and More

It feels like a distant memory by now, but right before the Nintendo Switch launched in 2017, it seemed...

The Boeing Starliner Astronauts Will Come Home on SpaceX’s Dragon Next Year

NASA has announced that astronauts Barry Wilmore and Sunita Williams will return to Earth next February aboard SpaceX’s Dragon...

How to Switch From iPhone to Android (2024)

Ignore the arguments about which is better, because iPhones and Android phones have far more in common than some...

12 Best Tablets (2024): iPads, Androids, and More Tested and Compared

Tablets often don't come with kickstands or enough ports, so it's a good idea to snag a few accessories...
- Advertisement -

Will the ‘Car-Free’ Los Angeles Olympics Work?

THIS ARTICLE IS republished from The Conversation under a Creative Commons license.With the Olympic torch extinguished in Paris, all...

Lionel Messi will return before MLS playoffs, says Inter Miami coach Tata Martino

Inter Miami head coach Tata Martino said on Friday that Lionel Messi will return to the team's lineup before...

Must read

7 Best Handheld Gaming Consoles (2024): Switch, Steam Deck, and More

It feels like a distant memory by now, but...

The Boeing Starliner Astronauts Will Come Home on SpaceX’s Dragon Next Year

NASA has announced that astronauts Barry Wilmore and Sunita...
- Advertisement -

You might also likeRELATED
Recommended to you