2021 budget: Reps approve N330bn for FCT

The House of Representatives, on Wednesday, approved the sum of N330 billion as the statutory budget for the Federal Capital Territory (FCT) for the 2021 fiscal year.

Breakdown of the approved budget showed that the sum of N74,323,382,813 is for Personnel Costs; the sum of N58,728,197,466 is for Overhead Costs while the balance of N196,911,494,243 is for Capital Expenditure for the financial year ending December 31, 2021.

The budget which passed through Third Reading was sequel to the consideration and adoption of the report presented by the joint House Committees on FCT and FCT Area Councils and Ancillary Matters.

Also at the plenary, the House tasked Federal Government with the need to provide adequate security at no extra cost for the business premises of major investors, both local and foreign nationals operating in Nigeria to boost their confidence and reduce costs of production and services.

The resolution was passed sequel to the adoption of a motion on the ‘Need to rebuild the confidence of expatriate investors in Nigeria’, sponsored by Hon. Yusuf Yakub.

The lawmakers also urged relevant security agencies to set up security posts manned by Inter-agencies security arrangements to hold a 24-hour watch over manufacturing sites, critical national installations, strategic construction sites and other business premises owned by investors in the country.

In his lead debate, Hon. Yakub said the House is aware that despite the efforts of the government at containing the rising wave of insecurity in the country, the spate of kidnapping for ransom has assumed widening proportions with school children being the most vulnerable.

He noted that the prevailing security challenges in the last ten years have resulted in other incendiary crimes and acts of criminality, like kidnapping, banditry, theft, gross circulation of small arms and light weapons, drug abuse, internet crimes as well as other anti-social behaviours.

He also noted that the activities of criminals have aggravated the cost of living in the country by not only keeping farmers off farming but have caused manufacturers and investors mainly from China; importers, construction companies and site workers, who are expatriates, to invest heavily in measures aimed at securing themselves, their wards, as well as employees which have, arbitrarily increased the costs of production and delivery of services.

He expressed concerns about the latest statistics on kidnapping, which indicates that there are several expatriate executives and workers, like Chinese construction workers and other foreign oil-industry Investors in the country who have become victims of kidnapping for ransom, armed robbery and outright killing.

The lawmaker added that if urgent steps are not taken to check these acts of criminality constituting threats to life and foreign investments in Nigeria, it may lead to the closure of critical industries that are currently struggling to survive from COVID–19 pandemic and recession, as some notable businesses and companies are currently relocating to a neighbouring country like Ghana.

To this end, the House mandated its Committee on National Security and Intelligence to ensure compliance.

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2021 budget: Reps approve N330bn for FCT