The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has requested the House of Representatives to approve a N500 billion loan to support the N1.147 trillion 2024 budget of the territory. Wike made the plea during his appearance before the House Committee on FCT to defend the budget on Monday, March 18.
According to Wike, the loan, to be sourced from commercial banks, will be allocated to finance essential capital projects. The proposed budget outlines an expenditure plan of N726.3 billion for capital projects and N421 billion for recurrent expenditure.
Addressing the increase in personnel costs, Wike explained that the rise is necessary to accommodate the emoluments of political appointees and to prepare for the implementation of the new minimum wage. He noted that the personnel budget for 2024 stands at N140 billion, representing a 29% increase from the previous year’s allocation.
