NEWS
FCT Debt Surges 340% Under Wike, Rises to Nigeria’s Second-Highest Domestic Debtor
The Federal Capital Territory’s domestic debt has skyrocketed by more than fourfold since Nyesom Wike assumed office as Minister of the FCT in August 2023, transforming the territory from one of Nigeria’s least indebted sub-national governments into the country’s second-highest domestic debtor.
An analysis of data from the Debt Management Office (DMO) showed that the FCT’s domestic debt rose from ₦88.51 billion as of September 30, 2023, shortly after Wike took office, to ₦389.88 billion by March 2026. The increase represents an additional ₦301.37 billion, or 340.5 per cent, in roughly two and a half years. At the beginning of Wike’s tenure, the FCT ranked 29th among Nigeria’s 36 states and the Federal Capital Territory in domestic debt, making it the ninth least-indebted sub-national government in the country.
By March 2026, however, the territory had climbed dramatically up the debt ranking to second place among Nigeria’s 37 sub-national governments. The debt trajectory was not consistently upward throughout the period. During Wike’s first year in office, the FCT’s domestic debt initially increased modestly, rising from ₦88.51 billion in September 2023 to ₦91.52 billion in December 2023 and ₦94.01 billion in March 2024. It subsequently declined to ₦84.64 billion in June 2024 and fell further to ₦53.43 billion in September 2024 before rising to ₦63.56 billion by December of that year. The debt stood at ₦61.11 billion in March 2025, increased to ₦71.04 billion in June and reached ₦78.93 billion by September 2025.
The dramatic reversal began in the final quarter of 2025.
Between September and December 2025, the FCT’s domestic debt jumped by ₦109.93 billion, rising from ₦78.93 billion to ₦188.86 billion in just three months.
The increase became even more pronounced in the first quarter of 2026, when the debt more than doubled again, reaching ₦389.88 billion by March.
This means the FCT accumulated an additional ₦200.99 billion in domestic debt between December 2025 and March 2026 alone.
The development comes amid a broader increase in debt levels among some Nigerian sub-national governments. Edo State, for instance, has also moved significantly higher on the domestic debt ranking under Governor Monday Okpebholo, rising from 12th position to become the sixth most indebted state.
The surge in the FCT’s debt has occurred alongside substantial inflows from the Federation Account.
An analysis of allocations from the Federation Account Allocation Committee (FAAC) and figures from the Office of the Accountant-General of the Federation showed that the FCT received approximately ₦432.13 billion between August 2023 and March 2026.
The amount comprised ₦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.
The figures, however, do not represent the FCT’s entire revenue because they exclude internally generated revenue and other sources of receipts, including opening balances, grants, aids and loans.
The territory’s federal allocations also strengthened considerably in 2026.
The FCT received ₦24.28 billion in April and another ₦30.62 billion in May, bringing its FAAC receipts for the two months to ₦54.90 billion.
The May allocation came from a national FAAC distribution of ₦2.3 trillion shared among the three tiers of government, while the April allocation formed part of the ₦2.257 trillion distributed from the Federation Account for that month.
The April and May figures were the highest monthly FAAC receipts recorded by the FCT during the period reviewed.
Missing Financial Records Raise Questions
Despite the sharp rise in both debt and federal allocations, concerns remain over the limited availability of publicly accessible financial records from the FCT Administration.
Successive budget documents, budget performance reports and audited financial statements covering the period since Wike assumed office could not be found on the official FCT Administration website.
The absence of these records makes it difficult to independently determine exactly why the additional debt was incurred, the sources and terms of the borrowing, and how the borrowed funds were ultimately deployed.
It also limits public scrutiny of the relationship between the territory’s revenue, expenditure and rapidly expanding liabilities.
The issue is particularly significant because the FCT occupies a unique position within Nigeria’s governance structure. Although it is not a state, it receives allocations from the Federation Account, while its administration is headed by a minister appointed by the President.
President Bola Tinubu swore in Wike and other members of his cabinet on August 21, 2023.
Since then, the FCT’s domestic debt has risen from ₦88.51 billion to ₦389.88 billion, representing a 340.5 per cent increase and an additional ₦301.37 billion in liabilities.
At the same time, available FAAC records indicate that the territory received ₦432.13 billion between August 2023 and March 2026.
Without comprehensive and publicly accessible financial statements, however, residents, taxpayers and independent observers are left with limited information to assess how the FCT’s revenues, expenditure and liabilities have evolved alongside one another.
The figures have therefore brought renewed attention to the scale, timing and purpose of the borrowing that has propelled the Federal Capital Territory from one of Nigeria’s least indebted sub-national governments to the second-highest domestic debtor.