Buhari Assents N242 Billion 2016 FCT Budget

Posted by African Examiner Featured, Latest Headlines, News Wednesday, August 31st, 2016

ABUJA, NIGERIA (AFRICAN EXAMINER) – President Muhammadu Buhari has assented N241.5 Billion Federal Capital Territory (FCT) Appropriation Act 2016.

While speaking on the development, President Buhari’s SSA on National Assembly Matters, Senator Ita Enang Wednesday in Abuja said that the implementation of the budget has come into effect. He assured that the signing would result to employment generation in the formal and informal sectors through projects implementation.

The Presidential aide also informed that laying of the budgets of statutory corporations before the National Assembly for consideration and passage, was in line with the Fiscal Responsibility Act 2007 which he cited provides that the budget of the under listed agencies, among others, be laid before the Assemblies by Mr. President, in addition to and independent of the annual Appropriation Act.

Among the MDAs he listed are: the Nigerian National Petroleum Corporation (NNPC); the Nigeria Deposit Insurance Corporation (NDIC); the Bureau of Public Enterprises (BPE); Nigerian Social Insurance Trust Fund; the Nigerian Agency for Science and Engineering Infrastructure as well as Nigerian Social Insurance Trust Fund.

The FCT budget has since been passed by the Senate since July.

The Senate Committee Chairman on FCT Dino Melaye, while giving break down of his report said the sum of N52.9Billion was voted for personnel cost; N34.4 Billion for overhead, while a total of N154.1Billion was earmarked for capital expenditure.

Speaking further, Melaye disclosed that 80 per cent out of the sum voted for capital expenditure would be expended on abandoned projects.

He recalled that 2015 FCT budget recorded 61 per cent budgetary performance, informing that his committee projected minimum of between 85 and 90 per cent performance in the current fiscal year.