Under Wike, FCT rises from Nigeria’s ninth-least indebted to second-highest debtor
The Federal Capital Territory’s (FCT) domestic debt has risen sharply since Nyesom Wike became Minister of the FCT in August 2023, with the territory moving from one of Nigeria’s least indebted sub-national governments to the second-highest debtor.
An analysis of data from the Debt Management Office (DMO) shows that the FCT’s domestic debt increased from ₦88.51 billion in September 2023 to ₦389.88 billion in March 2026.
This represents an increase of ₦301.37 billion, or 340.5 per cent, over roughly two and a half years.
When Wike assumed office on August 21, 2023, the FCT ranked 29th among Nigeria’s 36 states and the FCT in terms of domestic debt, making it the ninth-least indebted sub-national government at the time.
By March 2026, however, the FCT had climbed to second place among Nigeria’s 37 sub-national governments in domestic debt.
Debt initially declined before surging
The FCT’s debt did not increase steadily throughout Wike’s tenure.
After rising slightly from ₦88.51 billion in September 2023 to ₦91.52 billion in December 2023 and ₦94.01 billion in March 2024, the debt began to decline.
It fell to ₦84.64 billion in June 2024 and then dropped further to ₦53.43 billion by September 2024.
The figure later increased to ₦63.56 billion in December 2024, ₦61.11 billion in March 2025 and ₦71.04 billion in June 2025. By September 2025, it had risen to ₦78.93 billion.
The major increase came in the final quarter of 2025.
The FCT’s domestic debt jumped from ₦78.93 billion in September 2025 to ₦188.86 billion in December, representing an increase of ₦109.93 billion within three months.
The rise continued into 2026, with the debt more than doubling again to ₦389.88 billion by March.
This means the FCT added ₦200.99 billion to its domestic debt between December 2025 and March 2026 alone.
FCT also received increased federal allocations
The sharp rise in debt occurred alongside significant inflows to the FCT from the Federation Account.
Because successive FCT budget documents, budget performance reports and audited financial statements have not been readily available publicly since 2023, analysis of the territory’s federally distributed revenue relies largely on monthly allocations from the Federation Account Allocation Committee (FAAC).
Between August 2023 and March 2026, the FCT received approximately ₦432.13 billion in FAAC allocations.
The amount included ₦47.69 billion received between August and December 2023, ₦136.79 billion in 2024, ₦204.16 billion in 2025 and ₦43.49 billion during the first three months of 2026.
However, these figures do not represent the FCT’s total revenue, as they exclude internally generated revenue, grants, aid, loans and other receipts.
The territory’s monthly allocations also increased significantly in 2026. It received ₦24.28 billion in April and ₦30.62 billion in May, bringing its FAAC receipts for the two months to ₦54.90 billion.
The April and May figures were the highest monthly FAAC receipts recorded for the FCT during the period under review.
Missing financial records raise questions
Despite the substantial increase in both debt and federal allocations, the absence of comprehensive financial records has made it difficult to independently determine how the additional borrowing was incurred and utilised.
Successive budget documents, budget implementation reports and audited financial statements covering the period since Wike became minister could not be readily found on the official FCT administration website.
The lack of these records limits public scrutiny of the relationship between the FCT’s revenue, expenditure and growing debt.
It also makes it difficult to establish the precise purposes of the new borrowing, the terms attached to the loans and how the funds were deployed.
The issue is particularly significant because the FCT is not a state but receives allocations from the Federation Account, while its administration is headed by a minister appointed by the President.
President Bola Tinubu swore Wike and other cabinet members into office on August 21, 2023.
Since then, the FCT’s domestic debt has risen from ₦88.51 billion to ₦389.88 billion, an increase of ₦301.37 billion.
While the available FAAC figures show that the territory received ₦432.13 billion between August 2023 and March 2026, the absence of comprehensive publicly accessible financial statements makes it difficult for residents and independent observers to determine how the FCT’s overall revenues, spending and liabilities have evolved.
The sharp increase therefore raises questions about the scale, timing and purpose of the borrowing that moved the FCT from one of Nigeria’s least indebted sub-national governments to the country’s second-highest domestic debtor.
