FCT Abuja Minister Outlines Ambitious Plans for N1.28 Trillion 2024 Budget

Nyesom Wike, the Minister of the Federal Capital Territory (FCT), has unveiled ambitious plans for the FCT’s N1.28 trillion 2024 statutory budget, emphasizing its potential to revolutionize infrastructure provision in the nation’s capital.

Speaking during a media chat with journalists in Abuja, Wike highlighted that the budget would not only focus on road infrastructure but also prioritize the healthcare and education sectors, as well as the Abuja metro line, among other key projects.

Wike stated, “Frankly speaking, it is going to revolutionize infrastructure as far as the FCT is concerned. Not only in road networks but also in health and education.”

He revealed that 70% of the budget has been allocated to capital expenditure, with 58% of the capital component designated for completing ongoing projects and 42% for initiating new projects.

Key projects set to receive priority include the rehabilitation of 21 schools in deplorable conditions across the six area councils and the enhancement of general hospitals in Utako, Gwagwalada, and Gwarimpa to meet required standards.

Wike expressed confidence that the budget would significantly impact the lives of Abuja residents, emphasizing the importance of efficient project financing.

Regarding financing, Wike disclosed that the FCT’s withdrawal from the Treasury Single Account (TSA) has enabled the Administration to source funds from the financial market using its Internally Generated Revenue (IGR).

This strategy aims to address delays in project completion and contractor payments, thereby restoring contractors’ confidence.

Wike concluded, “The funds are there now, and the contractors are happy because these funds have been tied to various specific projects.

It is going to create a situation where people will wonder what is going on. This strategy is what I used when I was governor, and it has paid off.”