🇳🇬 FCT Debt Surges Over 500% Under Wike, Hits ₦389bn Amid ₦227bn Federal Allocations

FCT Debt Rises Over 500% Under Wike, Hits ₦389bn Despite ₦227bn Federal Allocation The debt profile of the Federal Capital Territory (FCT) has reportedly risen by more than 500 per cent since Nyesom Wike assumed office as Minister of the FCT, reaching approximately ₦389 billion, according to figures cited in recent reports. The reported increase has sparked debate over the FCT Administration’s finances, particularly against the backdrop of federal allocations of about ₦227 billion received by the territory within one year. Wike, who was appointed FCT Minister in August 2023, has overseen a period of accelerated infrastructure development across Abuja, including road construction, rehabilitation projects and other capital works. However, critics have questioned the scale of borrowing and the relationship between the territory’s rising debt obligations and the federal funds allocated to the FCT. Available financial figures reportedly show that the FCT’s debt stood at a substantially lower level before Wike assumed office but subsequently increased sharply, with the reported liability now put at about ₦389 billion. The figures have prompted questions about the financing of ongoing infrastructure projects and whether the increased borrowing represents long-term investment in the capital or could place additional pressure on the territory’s future finances. The ₦227 billion in federal allocations cited in the report has also become part of the debate, with observers seeking greater clarity on how the funds were deployed alongside internally generated revenue and borrowed resources. Supporters of the FCT Administration have pointed to the scale of infrastructure projects undertaken under Wike as evidence of increased investment in Abuja. Critics, however, argue that the government should provide greater transparency on its borrowing, debt servicing obligations and the overall cost of its projects. The controversy comes amid wider national discussions over public borrowing, infrastructure financing and the sustainability of government debt. Further scrutiny of the figures would require a reconciliation of the FCT Administration’s debt records, federal allocation data, project financing arrangements and applicable debt definitions to determine the precise extent and timing of the reported increase. Source: https://saharareporters.com/2026/09/10/fct-debt-surges-over-500-under-minister-wike-hits-n389bn-despite-n227bn-federal