The N1.28 trillion budget earmarked for the Federal Capital Territory (FCT) for the fiscal year 2024, has been approved by the House of Representatives.

This significant financial plan was passed on Tuesday, marking a crucial step in the legislative process for the nation’s capital’s annual fiscal planning.

The budget was passed after being presented to the House by the Chairman of the House Committee on FCT, Representative Mukhtar Betara of the All Progressives Congress (APC) from Borno.

Presenting the bill, Betara said, “The House do receive the Report of the Committees on Federal Capital Territory and Federal Capital Territory Area Councils and Ancillary Matters on a Bill for an Act to Authorise the issue from the Federal Capital Territory Administration’s Statutory Revenue Fund of the Federal Capital Territory Administration Account, the total sum of (N1,282,270,610,283.00) one trillion, two hundred and eighty two billion, two hundred and seventy million, six hundred and ten thousand, two hundred and eighty three Naira, only.”

Out of the sum, N140.915 billion is for personnel costs, while the sum of N373.027 billion is for overhead costs, while the balance of N768.328 billion is for capital projects for the service of the Federal Capital Territory, Abuja.

Recall that the FCT Minister, Nyesom Wike, had appeared before the joint House Committee on FCT and the Committee on FCT Area Councils and Ancillary Matters on Monday to defend the proposed budget.