Wike To Borrow N500 Billion To Finance 2024 FCT Budget

FCT Minister, Nyesom Wike

Minister of the Federal Capital Territory (FCT), Nyesom Wike has appealed to the House of Representatives to approve a N500 billion loan to finance the N1.147 trillion 2024 budget of the territory.

The Minister made the appeal when he appeared before the House Committee on FCT on Monday to defend his budget.

In his speech, the former Rivers State governor is proposing to borrow N500 billion from commercial banks to finance capital projects.

Reacting to Wike’s demand, a lawmaker from Niger State, Saidu Abdulahi raised concerns over the planned borrowing, maintaining that the proposed N500 billion loan would cost more from commercial banks.

Abdulahi subsequently advised Wike to explore other options like the capital market.

Speaking on raising the revenue profile of the FCT, the minister promised to improve the land allocation system through the new certificate of occupancy.

Addressing the land allocation system, Wike alleged that some civil servants are conniving with some unscrupulous elements to defraud the government.

The breakdown of the budget showed that capital expenditure will gulp N726 billion, while N280 billion is for overhead and N140 billion goes for personnel costs.