The House of Representatives has passed for second reading a bill seeking additional supplementary budget for Abuja
A bill seeking to authorize the Federal Capital Territory Administration (FCTA) to issue N288 billion from its Statutory Revenue Fund for the 2024 fiscal year scaled second reading in the House of Representatives on Wednesday.
OrderPaper recalls that the House had passed N98.5 billion supplementary budget (Appropriation Bill) for FCTA on June 6.
Also recall that President Bola Tinubu sent the executive bill to the House on Tuesday, September 24, 2024.
The bills which was read for the first time on Wednesday, titled “A Bill for an Act to Authorise the issue from the Federal Capital Territory Administration’s Statutory Revenue Fund of the Federal Capital Territory Administration Account, the total sum of N288, 000, 000, 000 ( Two hundred and eighty eight billion Naira) only, of which the sum of N310, 100, 000, 000(thirty one billion, one hundred million Naira) only, is for Overhead Costs; while the sum of N256, 900 000 000 ( two hundred and fifty six billion, nine hundred million Naira) only, is for Capital Expenditure; for the service of the Federal Capital Territory Administration, for the financial year ending on 31 December 2024 (HB.1726)” outlines the allocation of funds for both overhead costs and capital expenditures for the FCTA.
Leading the debate the on the bill, the House Leader, Rep. Julius Ihonbvere (APC Edo) noted that this is the first term he is seeing a budget that more than 60 percent of it is devoted for capital to serve the people while about 31 percent for over head cost.
“The reason why many projects have been abandoned in the past is because majority of the budget usually go for over head cost and capital expenditure is left to manage what is remains”.
He therefore urged colleagues to support the bill. The Speaker, Rep Tajudeen Abbas who presided over the session, after putting the question referred the bill to the committee on Federal Capital Territory Administration fo further legislative actions.
