FCT debt surges to ₦389bn under Wike despite ₦227.4bn allocations

The domestic debt of the Federal Capital Territory rose by ₦328 billion to ₦389 billion in March 2026 from ₦61 billion a year earlier under Minister Nyesom Wike.

According to Sahara Reporters, the debt increased by more than 500 per cent despite the FCT receiving ₦227.4 billion in statutory allocations between July 2025 and June 2026.

Records showed the debt rose from ₦61 billion in March 2025 to ₦189 billion in December before climbing by another ₦200 billion in three months to ₦389 billion. The figures have raised questions about the Territory’s borrowing strategy, debt servicing obligations and use of the funds.