FCT Debt Surges to N390bn Under Wike, Rising to Nigeria’s Second-Highest

The Federal Capital Territory’s domestic debt has surged from N88.51 billion to N389.88 billion since Nyesom Wike became FCT Minister, according to data from the Debt Management Office (DMO).

The increase has moved the FCT from the ninth-lowest indebted sub-national government in Nigeria to the second-highest domestic debtor.

Wike assumed office on August 21, 2023. By September 30, 2023, the FCT’s domestic debt stood at N88.51 billion, placing it 29th among Nigeria’s 36 states and the FCT.

By March 2026, however, the debt had risen to N389.88 billion.

That represents an increase of N301.37 billion, or 340.5 per cent, in about two and a half years.

Interestingly, the FCT’s debt initially declined during Wike’s tenure.

It rose slightly from N88.51 billion in September 2023 to N94.01 billion in March 2024 before falling to N53.43 billion by September 2024.

The debt later increased gradually, reaching N78.93 billion in September 2025.

A sharp increase followed in the final quarter of 2025.

The debt jumped from N78.93 billion in September to N188.86 billion in December 2025.

It then more than doubled again, reaching N389.88 billion by March 2026.

This means the FCT added N200.99 billion to its domestic debt in just three months.

The FCT’s rising debt has occurred alongside significant federal allocations.

An analysis of Federation Account Allocation Committee (FAAC) figures showed that the territory received N432.13 billion between August 2023 and March 2026.

The amount included N47.69 billion received between August and December 2023, N136.79 billion in 2024 and N204.16 billion in 2025.

The FCT also received N43.49 billion in the first three months of 2026.

Its FAAC receipts increased further in April and May 2026, when it received N24.28 billion and N30.62 billion respectively.

The two-month total of N54.90 billion represented the highest monthly FAAC receipts recorded by the FCT during the period reviewed.

However, FAAC allocations do not represent the territory’s entire revenue, as they exclude internally generated revenue, grants, aids, loans and opening balances.