The domestic debt of the Federal Capital Territory (FCT) has risen sharply to ₦389 billion, representing an increase of more than 500 per cent within one year.
Financial records cited in a report by SaharaReporters showed that the FCT’s domestic debt increased from about ₦61 billion in March 2025 to ₦389 billion by March 2026.
The development occurred under the administration of the FCT Minister, Nyesom Wike, during a period in which the Territory reportedly received about ₦227.4 billion in federal statutory allocations between July 2025 and June 2026.
According to the figures, the FCT’s debt stood at ₦61 billion in March 2025 before rising to ₦189 billion by December of the same year.
The debt stock subsequently jumped by another ₦200 billion between December 2025 and March 2026, bringing the total to ₦389 billion.
Overall, the FCT accumulated an additional ₦328 billion in domestic debt within the 12-month period.
The increase means the Territory’s debt level in March 2026 was more than six times what it was a year earlier.
The debt escalation came despite the flow of statutory allocations to the FCT from the federation account.
Between July 2025 and June 2026, the Territory received ₦16.6 billion in July, ₦18.4 billion in August, ₦20 billion in September and ₦19.3 billion in October.
It subsequently received ₦19.1 billion in November, ₦17.5 billion in December, ₦18.3 billion in January 2026, ₦8.8 billion in February and ₦11.4 billion in March.
The allocations increased to ₦23.2 billion in April and ₦24.2 billion in May before reaching a yearly high of ₦30.6 billion in June.
The figures bring the total statutory allocation received during the 12-month period to approximately ₦227.4 billion.
The sharpest rise in the FCT’s debt occurred between December 2025 and March 2026, when the debt stock increased by ₦200 billion in just three months.
The development has prompted questions about the purpose of the borrowings, the projects they were used to finance, repayment obligations and the potential impact of debt servicing on the Territory’s future finances.
However, the FCT’s borrowing has also attracted a defence from the Deputy Spokesperson of the House of Representatives, Philip Agbese.
Agbese was responding to allegations by Senator Ireti Kingibe that the FCT Administration had obtained loans without securing the necessary approval of the National Assembly.
The lawmaker dismissed the allegation, arguing that there was no evidence that Wike violated any law in securing funds for projects and programmes in the FCT.
“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 maintained that government borrowing was subject to constitutional, statutory and administrative procedures involving relevant government institutions.
According to him, the increase in the FCT’s debt profile should not automatically be interpreted as evidence of illegal borrowing.
“The critical issue is whether the required approvals and procedures have been followed,” he said.
Agbese further defended Wike’s relationship with the National Assembly, saying the minister had consistently subjected the activities of the FCT Administration to legislative scrutiny through budget presentations and engagements with relevant committees.
“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 added.
He also argued that borrowing to finance infrastructure was not unlawful where the necessary approvals and procedures had been followed.
The contrasting positions have placed renewed attention on the FCT’s rapidly expanding debt profile and the financial implications of the administration’s infrastructure spending.
