Senate Passes N199bn FCT Revised 2020 Budget
The Senate on Wednesday passed the sum of N199, 240,531,350.00 as the revised budget of the Federal Capital Territory (FCT) for the year 2020.
The N199billion FCT revised budget represents a 32 percent reduction of its 2020 statutory Appropriation Act figure of N278, 355,365,947.00.
The approval of the FCT revised budget by the Senate followed the presentation of the report of Senate Committee on FCT by its Chairman, Senator Abubakar Kyari, titled: “Harmonized report of the 2020 Federal Capital Territory (FCT) Appropriation Act (Repeal and Re-enactment) Bill, 2020.”
Kyari in his presentation noted that “the adverse impact of the COVID-19 pandemic in the accrued revenue of the FCT Administration compelled the need to expend resources on containment and management as well as an intervention to cushion the effect of the harsh economic impact of COVID-19.”
He noted that the review of the 2020 statutory Appropriation Act of FCT was done to cater for expenditures that were not anticipated when the initial FCT 2020 Statutory Appropriation was passed.
He said that the Capital Expenditure items were generally reviewed downwards by 50 percent.
He said that the personnel cost of the FCT in the revised 2020 budget is now N63,620,646,865.00, capital expenditure of N80,225,923,400.00, and Overhead cost of N55,393,961,085.00.
Kyari observed that the fiscal framework for the revised 2020 statutory appropriation showed actual receipts of January to August 2020.
He added: “Actual monthly receipts from January to December 2020 would therefore increase proportionately by three months, including the months of October to December 2020.
“The Committees consequently increased the Fiscal Framework in the Statutory Revenue Allocation and Value Added Tax, thus bringing the total expenditure to N199, 240,531,350.00 only.