Wike To Borrow N500 Billion To Finance 2024 Budget
The Minister of (FCT), Nyesom Wike, has urged the House of Representatives to approve a N500 billion loan to finance the N1.147 trillion 2024 budget of the territory.
The Minister made the appeal when he appeared before the House Committee on FCT on Monday to defend his budget.
In his speech, the former Rivers State governor is proposing to borrow N500 billion from commercial banks to finance capital projects.
Reacting to Wike’s demand, a lawmaker from Niger State, Saidu Abdulahi raised concerns over the planned borrowing, maintaining that the proposed N500 billion loan would cost more from commercial banks.
Abdulahi subsequently advised Wike to explore other options like the capital market.
Speaking on raising the revenue profile of the FCT, the minister promised to improve the land allocation system through the new certificate of occupancy.
Addressing the land allocation system, Wike alleged that some civil servants are conniving with some unscrupulous elements to defraud the government.
The breakdown of the budget showed that capital expenditure will gulp N726 billion, while N280 billion is for overhead and N140 billion goes for personnel costs.
Wike Tells Newly Sworn-in Perm Secs, FCT Civil Service Commission Officials Who To Work For
Meanwhile, the Minister of the Federal Capital Territory (FCT), Nyesom Wike, has urged the newly sworn-in Head of Service, Permanent Secretaries, as well as Chairman and Commissioners of the FCT Civil Service Commission to give their loyalty and commitment to the administration of President Bola Tinubu.
Wike made the call on Monday during the swearing-in ceremony of the newly appointed officials, which was conducted by the Chief Judge of the FCT High Court, Justice Husseini Baba-Yusuf, represented by Justice Sylvanus Oriji.
The Minister appreciated President Tinubu for approving the establishment of the FCT Civil Service Commission (CSC) in October 2023 and the subsequent appointment of the officials.
He urged them to be up and doing, and work for the realization of the Renewed Hope Agenda of the President.
Wike said: “Today is a memorable day as far as the FCT is concerned. First of all, we want to thank His Excellency, the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, Ahmed Bola Tinubu, who has shown leadership by making sure the 2018 Act is being implemented. That again reassures us of the Renewed Hope Agenda.
“To the Permanent Secretaries, yes you have been made a permanent secretary, but you know what comes with it, you know the implication of that. If you perform below expectation, there is nothing like a query, there is nothing like querying you by the proper civil service rules, and we have no time for that. I don’t want to hear that files are unduly delayed.”
He added: “Please and please, we want you to support the government of Bola Ahmed Tinubu to realise the Renewed Hope Agenda. So, you owe Mr President to make sure that Abuja works, and it works very well. Wherever you are posted, what we require from you is commitment and total loyalty.”
The FCT Minister also announced plans to reshuffle the posting of directors, stating that he would implement it this afternoon.
Immediately after now, the Head of Service will send out the postings of Directors. I have said that there will be total reshuffling in all areas, and I’m going to implement it this afternoon.”
Full Story: https://www.naijanews.com/2024/03/18/wike-to-borrow-n500-billion-to-finance-2024-budget/
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