By Henryrich Ojo | Newsworld

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

The sharp increase occurred under the administration of FCT Minister Nyesom Wike, with financial records showing that the Territory’s domestic debt rose by more than 500 per cent during the 12-month period.

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The figures, contained in documents cited by SaharaReporters, show that the FCT’s domestic debt stood at about ₦61 billion in March 2025.

By December 2025, the debt had risen to ₦189 billion, representing an increase of about ₦128 billion within nine months.

The debt stock subsequently jumped by another ₦200 billion between December 2025 and March 2026, reaching ₦389 billion.

The March 2026 figure was therefore more than six times the debt level recorded a year earlier.

FCT Received ₦227.4bn in Federal Allocations

The increase in the FCT’s domestic debt occurred during a period when the Territory continued to receive substantial statutory allocations from the Federal Government.

Between July 2025 and June 2026, the FCT received a combined ₦227.4 billion in federal statutory allocations.

The Territory received ₦16.6 billion in July 2025, ₦18.4 billion in August and ₦20 billion in September.

It received ₦19.3 billion in October, ₦19.1 billion in November and ₦17.5 billion in December.

In 2026, the FCT received ₦18.3 billion in January, ₦8.8 billion in February and ₦11.4 billion in March.

Allocations subsequently rose to ₦23.2 billion in April, ₦24.2 billion in May and ₦30.6 billion in June.

June recorded the highest monthly allocation during the 12-month period, while February recorded the lowest.

The difference between the highest and lowest monthly allocations was ₦21.8 billion.

Notably, the ₦328 billion increase in domestic debt between March 2025 and March 2026 was higher than the ₦227.4 billion the FCT received in statutory allocations over the July 2025–June 2026 period.

₦200bn Debt Increase in Three Months

The most significant increase in the FCT’s domestic debt occurred between December 2025 and March 2026.

During the three-month period, the debt stock rose from ₦189 billion to ₦389 billion, representing an increase of ₦200 billion.

That three-month increase was substantially higher than the ₦128 billion increase recorded between March and December 2025.

The development has raised questions about the purpose of the additional borrowing, the projects or obligations it financed, repayment arrangements and the potential impact of debt servicing on the FCT’s future revenues.

It also places renewed attention on the fiscal management of the nation’s capital, particularly given the substantial statutory allocations received by the Territory.

Reps Spokesperson Defends Wike

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

Agbese was responding to claims by Senator Ireti Kingibe that the FCT Administration had borrowed funds without securing the necessary legislative approval.

Speaking with journalists in Abuja on Thursday, the lawmaker dismissed the allegation, arguing that there was no evidence Wike had circumvented the National Assembly or violated the law in financing projects 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 public borrowing was subject to constitutional, statutory and administrative procedures involving relevant government institutions.

According to Agbese, an increase in the FCT’s debt profile should not, by itself, be interpreted as evidence of illegal borrowing.

“The critical issue is whether the required approvals and procedures have been followed,” he said.

The lawmaker also said Wike had consistently subjected the FCT Administration to legislative scrutiny through budget presentations and engagements with relevant National Assembly 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,” Agbese added.

The contrasting positions have intensified attention on the FCT’s rapidly expanding domestic debt, with questions likely to focus on the sources of the borrowings, their utilisation, approval processes and repayment obligations.