The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has outlined his strategy for the utilization of the FCT’s N1.28 trillion 2024 statutory budget, emphasizing a focus on infrastructure development in the nation’s capital.
During a media chat with journalists in Abuja, Wike highlighted the transformative impact the budget would have on infrastructure provision in the FCT. He revealed that the allocation would not only address road networks but also prioritize healthcare, education, and the Abuja metro line, among other key projects.
Wike disclosed that 70 percent of the budget has been allocated to capital expenditure, with 58 percent of the capital component earmarked for completing ongoing projects, while 42 percent is designated for new initiatives. Notable among the projects to receive priority attention are the rehabilitation of 21 schools in poor conditions across the six area councils and the enhancement of general hospitals in Utako, Gwagwalada, and Gwarimpa to meet required standards.
He expressed confidence that the budget would significantly benefit residents of Abuja and contribute to the overall development of the city.
Regarding financing, Wike revealed that the FCT Administration’s withdrawal from the Treasury Single Account (TSA) has facilitated access to funds from the financial market using internally generated revenue (IGR). This approach aims to address delays in project completion and contract variations while restoring contractors’ confidence.
Wike highlighted the effectiveness of this strategy, drawing on his experience as a former governor, noting that contractors prefer working on projects with readily available funds. He emphasized that the timely allocation of funds tied to specific projects would accelerate progress and yield tangible results in Abuja’s development.
The unveiling of the FCT’s ambitious budget allocation reflects a commitment to infrastructure enhancement and underscores Wike’s determination to drive impactful development initiatives in the nation’s capital.
