FCT Debt Hits ₦389 Billion Under Wike, Rises Over 500% In One Year – Report

The Federal Capital Territory (FCT) added about ₦328 billion to its domestic debt in one year, with the debt stock rising from ₦61 billion in March 2025 to ₦389 billion by March 2026.

The sharp increase happened under the administration of FCT Minister Nyesom Wike, even as the Territory received a total of ₦227.4 billion in federal statutory allocations between July 2025 and June 2026.

Financial records showed that the FCT’s domestic debt stood at about ₦61 billion in March 2025.

By December 2025, the figure had increased to ₦189 billion, representing a rise of about ₦128 billion within nine months.

The debt stock increased further by ₦200 billion between December 2025 and March 2026, reaching ₦389 billion.

This means the FCT’s domestic debt increased by ₦328 billion between March 2025 and March 2026, representing a rise of more than 500 per cent in one year, Naija News reports.

The March 2026 figure was also more than six times the Territory’s debt level of ₦61 billion recorded in March 2025.

FCT Received ₦227.4bn Allocation

The rise in the debt stock came during a period when the FCT continued to receive federal statutory allocations.

The Territory received ₦16.6 billion in July 2025, followed by ₦18.4 billion in August and ₦20 billion in September.

The allocation dropped slightly to ₦19.3 billion in October, while the FCT received ₦19.1 billion in November and ₦17.5 billion in December.

In January 2026, the Territory received ₦18.3 billion, before the allocation fell considerably to ₦8.8 billion in February.

The figure rose to ₦11.4 billion in March, ₦23.2 billion in April and ₦24.2 billion in May.

June recorded the highest monthly allocation, with the FCT receiving ₦30.6 billion.

Altogether, the monthly figures amounted to ₦227.4 billion received by the FCT in federal statutory allocations between July 2025 and June 2026.

June’s ₦30.6 billion accounted for about 13.46 per cent of the total allocation received during the 12-month period, making it the highest monthly figure.

February recorded the lowest allocation at ₦8.8 billion, representing about 3.87 per cent of the total.

The difference between the highest and lowest monthly allocations was ₦21.8 billion, with the ₦30.6 billion received in June significantly higher than the ₦8.8 billion recorded in February.

The figures show a sharp contrast between the FCT’s federal inflows and its rising domestic debt.

While the Territory received ₦227.4 billion in statutory allocations between July 2025 and June 2026, its domestic debt increased by ₦328 billion between March 2025 and March 2026.

The ₦328 billion increase in debt was therefore higher than the entire ₦227.4 billion received by the FCT in federal statutory allocations during the 12-month period.

The most significant increase in the debt stock occurred towards the end of the period covered by the records.

Between December 2025 and March 2026, the FCT’s domestic debt rose from ₦189 billion to ₦389 billion, an increase of ₦200 billion in just three months.

The three-month increase was substantially higher than the ₦128 billion increase recorded between March and December 2025.

The figures, as revealed in documents by SaharaReporters, also show that the FCT entered 2026 with a much heavier domestic debt burden than it had at the beginning of the period under review.

With the debt stock reaching ₦389 billion in March 2026, the Territory’s domestic borrowing position had expanded to more than six times its March 2025 level.

The development puts greater focus on the purpose of the borrowings, the projects or obligations they were used to finance, their repayment terms and the effect of debt servicing on the FCT’s future revenues.

It also raises wider questions about fiscal management in the nation’s capital, particularly as the Territory continues to receive significant allocations from the federation.

Reps Spokesperson Defends Wike In FCT Borrowing

Meanwhile, earlier, the Deputy Spokesperson of the House of Representatives, Philip Agbese, addressed claims that Wike took loans without the National Assembly’s approval.

Naija News reports that Agbese was responding to allegations by Senator Ireti Kingibe that the FCT Administration had borrowed funds without securing the required legislative approval.

However, Agbese, speaking with journalists in Abuja on Thursday, said it was misleading to suggest that Wike had circumvented the National Assembly or acted outside established procedures in obtaining funds for projects in the FCT.

He argued there was no evidence that Wike breached any law in financing projects and programmes in the FCT.

The lawmaker said public borrowing was controlled by constitutional, statutory and administrative processes involving government institutions.

“Wike has committed no infraction in borrowings. There is no basis for the allegation that he has been borrowing money behind the back of the National Assembly,” Agbese said.

He said Wike had consistently subjected the administration of the FCT to legislative scrutiny, particularly through the presentation and consideration of its budgets and appearances before relevant National Assembly committees.

Agbese argued that an increase in the FCT’s debt profile could not, by itself, be taken as evidence of an illegal borrowing arrangement.

He maintained that borrowing for infrastructure development was not unlawful in itself, provided the prescribed approvals and procedures were followed.

“The critical issue is whether the required approvals and procedures have been followed,” he added.

He also rejected the suggestion that Wike had operated without legislative oversight, saying the National Assembly had continued to exercise its constitutional oversight functions over the FCT Administration.

“Under our searchlight, the FCT Minister is one of the most legislatively compliant public servants. He has consistently engaged the National Assembly and subjected the activities of the FCT Administration to legislative scrutiny,” he said.