NEWS
Cash Crunch Hunts FCT With Shortfall In Allocation From NN59b to N13.5b – FCT Minister
By John Danjuma
The Minister of the Federal Capital Territory (FCT) Mallam Muhammad Musa Bello has expressed apprehension over an imminent cash crunch that is hunting the Nigerian Federal Capital Territory.
The minister spoke on Thursday during the defence of the N607.9billion 2022 budget before the National Assembly joint Committee on FCT.
The Minister while making a presentation before the committee indicated that while N59billion was earmarked for the Territory from its 1% allocation from the federal budget in the 2022 fiscal year, the allocation has been slashed to N13.5billion for the 2023 fiscal year.
He said even from the N59billion allocated for it from the federal government portion of the federation account in the 2022 fiscal year, only N19billion has been released to date
“The FCT budget has two components, One is yearly allocation from 1% of the federal government share of the federation account and the second one is internally generated revenue which has over the years been the main sustenance of governmental operations in FCT.
“In the N607.9billion 2022 budget of FCT, the federal allocation is just N59billion out of which only N19billion has been released.
“For the 2023 fiscal year, the projected federal allocation has been drastically slashed to N13.5billion despite the increase in the number of planned projects from 20 in the 2022 fiscal year to 22 in the 2023 fiscal year” he stated.
He explained further to the committee members that out of the proposed N607.9billion 2022 budget, N76.6billion is for personnel cost, N138billion for overhead cost and the remaining balance of N393.2billion is for capital projects.
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According to him, one of the critical projects the capital votes are to be used on is the Greater Abuja Water Project, planned to provide portable water for 29 additional districts within the territory.
He said as a result of huge financial demands, the territory is now adopting integration of indigenes into newly opened districts as against the resettlement policy that has been causing crisis over the years.
“System of re-settlement earlier put in place has not worked, making us adopt the policy of integration as presently being done in Kabusa “, he said.
However, the Committee led by its Chairman, Senator Smart Adeyemi ( APC Kogi West), urged the Minister to start implementation of property tax in FCT for required revenue generation.
Senator Adeyemi said implementation of property tax in FCT, will not only give the administration, N200billion to N250billion in a year but also helped in preventing crime and criminality within the territory.
“It is only in Nigeria that people are allowed to build Houses or Estates without renting them out for many years, which invariably serve as hideouts for criminally minded ones.
“With the enforcement of payment of property tax, such practice will stop”, he said.
On security, he disclosed to the Committee members that 60vehicles worth N2billion would be distributed to various security agencies like the Nigeria Police, the Army, Civil Defence etc, next week Thursday.
Other members of the committee who commented, tasked the Minister to come up with a framework for regulation of the public transportation system within the territory as well as provision of required infrastructure in satellite areas, as they set for oversight visitation on Tuesday and Wednesday next week.
The International Monetary Fund (IMF) has named Tony Elumelu, Founder and Group Chairman of Heirs Holdings, to its newly formed Advisory Council on Entrepreneurship and Growth.
The council, convened by IMF Managing Director Kristalina Georgieva, is tasked with addressing regulatory barriers to entrepreneurship and shaping policies that foster innovation, resource allocation, and private sector-led economic expansion.
A statement confirming Elumelu’s appointment was released on Friday, highlighting his influence as a strong advocate for entrepreneurship in Africa.
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Through the Tony Elumelu Foundation, he has provided funding, mentorship, and training to over 25,000 African entrepreneurs since 2015, championing the belief that private sector investments can drive the continent’s economic transformation.
“Elumelu will be instrumental in ensuring that Africa’s entrepreneurial potential is central to global economic policymaking,” the statement noted.
The IMF Advisory Council comprises global leaders from business, finance, and academia, including: Marc Benioff, CEO and Co-Founder of Salesforce, Ana Botín, Executive Chair of Banco Santander, Margherita Della Valle, CEO of Vodafone Group, Natarajan Chandrasekaran, Chairman of Tata Group, Robert Smith, Founder and CEO of Vista Equity Partners, HRH Reema Bandar Al-Saud, Saudi Ambassador to the U.S., Federico Sturzenegger, Argentine Minister of Deregulation and Professor Ufuk Akcigit, Economist, University of Chicago.
At the council’s inaugural meeting on March 26, 2025, Georgieva emphasized the significance of entrepreneurship in economic growth.
“The Council brings together a group of leading thinkers and practitioners in business, finance, academia, and policymaking to share their views and experiences on how macroeconomic and financial policies can provide a supportive environment for innovation, entrepreneurship, and productivity—key ingredients for a thriving private sector and strong economic growth,” she stated.
A powerful 7.7-magnitude earthquake struck central Myanmar on Friday, shaking the region and sending tremors as far as Thailand and China.
The quake’s epicenter was located in the Sagaing region, near Mandalay, Myanmar’s second-largest city, home to around one million people and renowned for its historic temple complexes.
Panic erupted as buildings swayed and dust filled the air.
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In Mandalay, videos shared online showed terrified residents rushing out of residential towers while traffic came to a sudden halt.
Reports indicate that a major bridge spanning the Irrawaddy River collapsed into the water in a cloud of dust and debris.
The quake was felt as far as Bangkok, Thailand’s capital, where video footage showed a partially constructed building in Chatuchak Park crumbling to the ground.
Thai authorities reported that 43 people were trapped in the wreckage, while seven others sustained injuries.
In Chiang Mai, a resident described feeling the tremors for about ten seconds before fleeing into the streets.
In Myanmar’s commercial hub, Yangon—about 380 miles from the epicenter—residents also experienced the powerful shaking.
One resident recalled, “We felt the quake for about a minute, then ran out of the building.
It was very sudden and very strong.” Another noted that phone networks in the city, home to around 8 million people, briefly went down but were later restored.
Myanmar, one of Asia’s poorest nations, is already grappling with the effects of a brutal civil war sparked by a military coup over four years ago.
The conflict has devastated the economy, and the country remains ill-equipped to handle a major natural disaster of this scale.
The Sagaing region, where the earthquake struck, is a war zone with multiple factions—including the ruling junta, pro-military militias, and rebel groups—fighting for control.
The ongoing violence has made travel by road or river extremely dangerous, posing significant challenges to delivering emergency aid and assessing the full extent of the damage.
Tremors were also felt in China’s southwestern Yunnan province, underscoring the quake’s intensity.
Authorities across the region are now assessing the situation, with emergency teams mobilizing in both Myanmar and Thailand.
A fire outbreak in the early hours of Friday morning has gutted buildings on Ifejika Street, by Sokoto Road, Onitsha, prompting swift intervention from the Anambra State Fire Service.
The inferno, which reportedly started in one of the buildings at about 6:20 a.m., quickly spread to an adjacent structure, causing panic among residents and business owners in the area.
The exact cause of the fire remains unknown at the time of this report.
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Eyewitnesses say residents and passersby joined forces with the firefighters in an attempt to salvage goods and properties from the affected buildings.
The head of the Media and Publicity Unit of the Anambra State Fire Service, Chukwudi Chiketa, confirmed the incident in a brief statement.
“Anambra State Fire Service is currently on intervention at the scene of the fire outbreak at Ifejika Street, by Sokoto Road, Onitsha. The distress call came at 6:20 a.m. today, and our firefighters deployed immediately. The public is advised to remain calm as the situation is under control,” Chiketa said.
As of the time of filing this report, efforts to completely extinguish the fire were still ongoing.
Authorities are yet to determine the extent of the damage and the possible cause of the outbreak.
More details to follow………
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