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FCT allocation drops from ₦59BN to ₦13.BN

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The Federal Capital Territory may face a cash crunch in the 2023 fiscal year.

The FCT minister, Mohammed Musa Bello made this known during the defence of 607.9 billion Naira 2022 budget before the National Assembly joint Committee on FCT on Thursday.

The Minister in his presentation said while N59billion was earmarked for the Territory from its 1% allocation from federal budget in 2022 fiscal year, the allocation has been slashed to N13.5billion for the 2023 fiscal year and only N19billion has been released so far.

However, the Committee led by its Chairman , Senator Smart Adeyemi tasked the Minister to start implementation of property tax in FCT for required revenue generation .




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