FEDERAL CAPITAL TERRITORY APPROPRIATION (REPEAL AND ENACTMENT) ACT, 2020
Section 1: Issue of N199,240,531,350 from the Federal Capital Territory Administration Statutory Revenue Fund.
1 The Director of Treasury of the Federal Capital Territory Administration shall, when authorized to do so by warrants signed by the Minister of the Federal Capital Territory Administration, pay, out of the Federal Capital Territory Administration Statutory Revenue Fund of the Federal Capital Territory Administration during the financial year 2020, the sum specified by the warrants, not exceeding in the aggregate N199,240,531,350 (one hundred and ninety-nine billion, two hundred and forty million, five hundred and thirty-one thousand, three hundred and fifty Naira) only.
2 The amount mentioned in subsection (1) shall be appropriated to the heads of expenditure as set out in the Schedule to this Act. [Schedule.]
Section 2: Release of funds.
All amounts appropriated under this Act shall be released from the Federal Capital Territory Administration Statutory Revenue Fund only for the purposes specified in the Schedule to this Act. [Schedule.]
Section 3: Payment of revenue into the Statutory Revenue Account.
1 All revenues accruing to the Federal Capital Territory Administration, including the statutory revenue distribution, shall be paid into the Federal Capital Territory Administration Statutory Revenue Account.
2 No money shall be withdrawn from the account mentioned under section 1 (1) without appropriation by the National Assembly.
Section 4: Virement.
In the event that the implementation of any of the projects intended to be undertaken under this Act cannot be completed without virement, such virement shall only be effected with the prior approval of the National Assembly.
Section 5: Quarterly report.
The Minister and Director of Treasury of the Federal Capital Territory Administration shall immediately, upon the coming into effect of this Act, furnish the National Assembly, on a quarterly basis, the status of the records of the Federal Capital Territory Statutory Accounts.
Section 6: Waiver not to incur expenditure.
Where, due to revenue shortfall, amounts appropriated under this Act cannot be funded, the Minister of the Federal Capital Territory shall seek from the National Assembly a waiver not to incur such expenditure.
Section 7: Citation.
This Act may be cited as the Federal Capital Territory Appropriation (Repeal and Enactment) Act, 2020.