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The Minister of the Federal Capital Territory, Nyesom Wike, has outlined his strategy for utilizing the FCT’s N1.28 trillion statutory budget for 2024.
Wike emphasized that this budget allocation will significantly transform infrastructure development in the nation’s capital.
During a media interaction with journalists in Abuja, Wike highlighted that the budget will not only focus on improving road infrastructure in the FCT but will also prioritize enhancements in the healthcare and education sectors, as well as the expansion of the Abuja metro line, among other initiatives.
He said: “Frankly speaking, it is going to revolutionise infrastructure as far as the FCT is concerned. Not only in road networks but also in health and education.”
Wike further disclosed that 70 percent of the budget has been allocated to capital expenditure, with 58 percent of the capital component designated for the completion of ongoing projects, while 42 percent will be allocated to new projects.
He emphasized that priority projects include the refurbishment of 21 schools in dire conditions across the six area councils, as well as the upgrading of general hospitals in Utako, Gwagwalada, and Gwarimpa to meet required standards.
He said: “I believe, by the grace of God, that the budget is going to be very impactful on the residents of Abuja.”
On how the FCT intends to finance the over N1 trillion budget, which is the largest since the inception of the FCT, the minister disclosed that the withdrawal of the FCT from the Treasury Single Account, TSA, has enabled the FCT Administration to source funds from the financial market using its IGR.
He said the FCT Administration, through this approach, would be able to address the issue of delays in the completion of ongoing projects as well as the attendant variation of contracts, in addition to also restoring the confidence of contractors, which was hitherto lacking.
He said: “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. Contractors like nothing better than to hear that funds are available. Before you know it, you have turned around the entire place. That is what is going on today in Abuja.”