Minister of Federal Capital Territory, Senator Bala Muhammed said plans his has concluded plans to use money from the Sovereign Wealth Fund, SWF, to augment the FCT Authority lean budget with a view to funding priority projects in 2014.
Bala who presented a budget of N30.410billion to the Senate Committee on FCT as against the sum of N 470,348,913,896.95 required to pay and complete 17 key projects in the National Priority Budget, named some of the projects as the Airport road 10 lane way, Kubwa 10 lane way and the Cultural Centre.
He explained that in 2013 that out of the N57billion budgeted that they actually got only N32.9Billion, leaving an average of unreleased balance to date of 24.045,516,294.51.
This gives a budget performance of 58% based on the above analysis.
Chairman Senate Committee on FCT senator Smart Adeyemi said the budget was going down every year and shouldn’t be so as the FCT has too many projects like in the health sector especially as it concerns the satellite areas which he said are without basic amenities befitting of a nation’s capital.
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FCT to use SWF for priority projects
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