Home Naijamerit News COVID-19: Reps slash FCT budget to N199.240bn from N278.35bn

COVID-19: Reps slash FCT budget to N199.240bn from N278.35bn

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COVID-19: Reps slash FCT budget to N199.240bn from N278.35bn

Reps reject N45.32bn budget for Northeast

By Tordue Salem, Abuja

The House of Representatives on Tuesday approved for expenditure the N199.240 billion revised 2020 statutory Appropriation Act (budget) of the Federal Capital Territory, FCT, after considering and adopting the report of the House Committee on FCT.

The National Assembly had in December 2019 passed N278.35 billion FCT statutory budget for the 2020 financial year, but decided to slash it to N199.240 billion due to the effects of COVID-19 pandemic on the economy.

Also read: FRC leads agencies to pay N1.8trn into Consolidated Revenue Fund

The money instrument is entitled: “A Bill for an Act to Authorise the issue from the Federal Capital Territory Administration Statutory Revenue Fund of the Federal Capital Territory Administration Account, the total sum of N199,240,531,350 only, of which the sum of N63,620,646,865.00 only, is for Personnel Costs; and the sum of N 55,393,961,085.00 only, is for Overhead Costs; while the balance of N 80,225,923,400.00 only, is for Capital Projects, the budget is for the financial year commencing 1 January and ending when the 2021 FCT Statutory Appropriation Act comes into effect”.

According to the Bill: “The Director of Treasury of the Federal Capital Territory Administration shall when authorized to do so by warrants signed by the Minister Federal Capital Territory Administration with the responsibility to pay out of the Federal Capital Territory Administration Statutory Revenue Fund of the Federal Capital Territory Administration during the financial year 2020 the sum specified by the warrants, not exceeding in the aggregate N199,240,531,350 only.

“The amount mentioned in Clause (1) of this Bill shall be appropriated to heads of Expenditure as indicated in the schedule to this Bill.

“All amounts appropriated under this Bill shall be made from the Federal Capital Territory Administration Statutory Revenue Fund only for the purposes specified in the schedule to this Bill.

“All revenues accruing to the Federal Capital Territory Administration including the Statutory Revenue distribution shall be paid into the Federal Capital Territory Administration Statutory Revenue Account.

“No monies shall be withdrawn from the Account mentioned in Clause 3(1) above without appropriation by the National Assembly.

“In the event that the implementation of any of the projects intended to be undertaken under this Bill cannot be completed without virement, such virement shall only be effected with the prior approval of the National Assembly.

“The Minister of Federal Capital Territory and the Director of Treasury Federal Capital Territory Administration shall immediately upon the coming into force of this Bill furnish the National Assembly, on a quarterly basis, the status of the records of the Federal Capital Territory Statutory Accounts.

“Waiver not to incur Expenditure Where, due to revenue shortfall, amounts appropriated under this Bill cannot be funded, the Minister of Federal Capital Territory shall seek from the National Assembly a waiver not to incur such expenditure”.

Vanguard News Nigeria

The post COVID-19: Reps slash FCT budget to N199.240bn from N278.35bn appeared first on Vanguard News.

Source: Vanguard Newspaper

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