Osinbajo presents FCT 2017 statutory budget

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Acting President Yemi Osinbajo
Acting President Yemi Osinbajo

Acting President Yemi Osinbajo has proposed N128 billion for capital projects in the Federal Capital Territory for 2017.

The capital expenditure was broken into 93 percent for ongoing projects and seven percent for new projects in the FCT.

Osinbajo, in the FCT 2017 statutory budget proposal to the House of Representatives, asked that N222,360,551,512,00 be appropriated for the FCT.

In his letter dated July 20, 2017 and addressed to Speaker of the House of Representatives, Yakubu Dogara, the acting President said the Federal Capital Territory Administration (FCTA) runs two budgets – National and statutory budgets.

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He said: “The FCT component of the national budget is funded directly by the Federal Government for the provision of district infrastructural development, water supply, sewage treatment and infrastructural development of the satellite towns in the FCT.

“The statutory budget on the other hand is funded from the statutory allocation, Internally Generated Revenue (IGR) and other sources of funds accruable to the FCT.

“N30.4billion was appropriated for FCT in the 2017 approved federal budget. The statutory budget is usually presented to the National Assembly after the passage of the federal budget in order to enable the FCTA capture essential capital projects that are often removed from the federal budget.

“The FCTA has prepared the 2017 FCT statutory budget of N222,360,551,512,00 based on the 2017-2019 Medium Term Expenditure Framework (MTEF) and the key assumptions of the Federal Government for 2017 budget.”