The Senate has approved a budget of N199.2bn as the revised budget of the Federal Capital Territory for the 2020 fiscal year.
The approval followed the presentation of the budget report by the Chairman of Senate Committee on FCT, Abubakar Kyari on Wednesday to the committee of the whole Senate.
The report was titled, “Harmonized report of the 2020 Federal Capital Territory Appropriation Act (Repeal and Re-enactment) Bill, 2020”.
He said, among other things, “The adverse impact of the COVID-19 pandemic in the accrued revenue of the FCT Administration compelled the need to expend resources on containment and management as well as intervention to cushion the effect of the harsh economic impact of COVID-19.”
He stated that the review of the 2020 statutory Appropriation Act of FCT was done to provide for expenditures that were not count on when the initial FCT 2020 Statutory Appropriation was passed.
He noted that the Capital Expenditure items were generally reviewed downwards by 50 per cent.
He explained that the personnel cost of the FCT in the revised 2020 budget is now N63.6bn, capital expenditure of N80.2bn while overhead cost will swallow N55.3bn.
The revised budget represents a 32 per cent reduction of its 2020 statutory Appropriation Act figure of N278.3bn.