On Thursday, the House of Representatives passed the 2024 supplementary bill of N98.5 billion for the Federal Capital Territory Administration.
President Bola Ahmed Tinubu recently presented this supplementary appropriation bill to the National Assembly, explaining that the funds were intended to address critical infrastructure needs.
Hon. Aliyu Mukthar Betara (APC, Borno), Chairman of the House Committee on Federal Capital Territory, presented the committee’s report to the House for consideration.
In his presentation, Hon. Betara stated, “This House should consider the Report of the Committee on Federal Capital Territory on a Bill for an Act to Authorize the issue from the Federal Capital Territory Administration’s Statutory Revenue Fund, the total sum of N98,500,000,000 (ninety-eight billion, five hundred million) only for Capital Projects for the Service of the Federal Capital Territory, Abuja, for the financial year ending December 31, 2024.”
He emphasized that the committee had thoroughly examined the President’s proposal and concluded that the funds were essential for the development of specific infrastructure in the federal capital.
The provisions of the supplementary appropriation state, “The Director of Treasury of the Federal Capital Territory Administration shall, when authorized by warrants signed by the Minister of the Federal Capital Territory Administration, pay out of the Federal Capital Territory Administration Statutory Revenue Fund the sum specified by the warrants, not exceeding in the aggregate N61,553,778,260.00 (sixty-one trillion, five hundred and fifty-three million, seven hundred and seventy-eight thousand, two hundred and sixty naira) only.”
The bill appropriates funds to various heads of expenditure as indicated in its schedule and specifies that all amounts appropriated under the bill must be made from the Federal Capital Territory Administration Statutory Revenue Fund solely for the purposes outlined in the schedule.
It also stipulates that all revenues accruing to the Federal Capital Territory Administration, including the Statutory Revenue distribution, must be paid into the Federal Capital Territory Administration’s Statutory Revenue Account. No funds shall be withdrawn from this account without appropriation by the National Assembly.
In case of revenue shortfall, the bill allows the Minister of Federal Capital Territory to seek a waiver from the National Assembly to avoid incurring such expenditure.
The committee’s submission was unanimously adopted by the House at the committee of the whole.
