Wike Faces Fresh Scrutiny As FCT Debt Soars Past ₦389 Billion In One Year

The domestic debt of the Federal Capital Territory (FCT) rose sharply from about ₦61 billion in March 2025 to ₦389 billion by March 2026, representing an increase of approximately ₦328 billion within one year.

The significant rise occurred during the tenure of FCT Minister Nyesom Wike, despite the Territory receiving a combined ₦227.4 billion in federal statutory allocations between July 2025 and June 2026.

Financial records showed that the FCT’s domestic debt stood at roughly ₦61 billion as of March 2025. By December 2025, the figure had climbed to ₦189 billion, indicating an increase of about ₦128 billion in nine months.

The debt stock then surged by another ₦200 billion between December 2025 and March 2026, bringing the total to ₦389 billion. Overall, the figures represent an increase of more than 500 per cent in the FCT’s domestic debt over the 12-month period.

The March 2026 debt figure was also more than six times the amount recorded in March 2025, putting renewed attention on the Territory’s borrowing levels and the financial obligations associated with the increase.

According to Bush Radio Academy, the rise in the FCT’s debt occurred alongside continued inflows from federal statutory allocations. Between July 2025 and June 2026, the Territory received ₦16.6 billion in July, ₦18.4 billion in August and ₦20 billion in September 2025.

The FCT subsequently received ₦19.3 billion in October, ₦19.1 billion in November and ₦17.5 billion in December. In January 2026, the allocation stood at ₦18.3 billion before dropping to ₦8.8 billion in February.

Allocations later increased to ₦11.4 billion in March, ₦23.2 billion in April and ₦24.2 billion in May, while June recorded the highest monthly allocation of ₦30.6 billion.

The total allocation for the 12-month period amounted to ₦227.4 billion, with June accounting for the largest monthly share. February recorded the lowest allocation at ₦8.8 billion.

The figures have highlighted the contrast between the FCT’s federal revenue inflows and the rapid expansion of its domestic debt. The ₦328 billion increase in debt between March 2025 and March 2026 was higher than the ₦227.4 billion the Territory received in statutory allocations during the July 2025 to June 2026 period.

The most dramatic increase occurred between December 2025 and March 2026, when the debt stock jumped by ₦200 billion in just three months. This was substantially higher than the ₦128 billion increase recorded during the preceding nine-month period.

The development is expected to intensify scrutiny of the purpose of the borrowings, the projects or obligations they were used to finance, repayment arrangements and the potential impact of debt servicing on the FCT’s future revenues.

It also raises broader questions about the Territory’s fiscal management, particularly given its access to federal statutory allocations during the period under review.

Meanwhile, the Deputy Spokesperson of the House of Representatives, Philip Agbese, has defended Wike against allegations that the FCT Administration obtained loans without the approval of the National Assembly.

Agbese was responding to claims by Senator Ireti Kingibe that the FCT had borrowed funds without securing the necessary legislative approval. The lawmaker, however, dismissed the allegation, arguing that there was no evidence that Wike had violated the law or bypassed established procedures in financing projects within the Territory.

According to Agbese, public borrowing is subject to constitutional, statutory and administrative processes involving relevant government institutions. He maintained that an increase in the FCT’s debt profile should not automatically be interpreted as evidence of unlawful borrowing.

The House spokesman also said Wike’s administration had continued to operate under legislative scrutiny through budgetary processes and engagements with relevant National Assembly committees.

Agbese argued that borrowing for infrastructure and development projects was not illegal provided the required approvals and procedures were followed. He further rejected claims that the FCT Minister had operated without legislative oversight, insisting that Wike had consistently engaged with the National Assembly and subjected the activities of the FCT Administration to scrutiny.

The contrasting positions have placed renewed focus on the FCT’s rapidly rising debt profile, with attention now likely to centre on how the borrowed funds were utilised, the approvals obtained and the long-term financial implications for the nation’s capital.