The Federal Capital Territory’s domestic debt stock rose from about ₦61 billion in March 2025 to ₦389 billion by March 2026, representing a 538 per cent increase, according to financial records.

The sharp rise means the FCT’s domestic debt increased by approximately ₦328 billion within one year, taking the Territory’s debt stock to more than six times its March 2025 level.

The increase occurred during the tenure of FCT Minister Nyesom Wike, although the available records do not establish the specific purposes for which the additional borrowing was obtained.

FCT Debt Rose in Two Major Stages

Financial records show that the FCT’s domestic debt increased from about ₦61 billion in March 2025 to approximately ₦189 billion by December 2025.

That represented an increase of about ₦128 billion over nine months.

The debt stock then recorded a sharper increase between December 2025 and March 2026, rising by another ₦200 billion to ₦389 billion within three months.

The ₦200 billion increase in the three-month period was significantly higher than the ₦128 billion increase recorded during the preceding nine months.

FCT Received ₦227.4bn in Allocations

The increase in domestic debt occurred as the FCT continued to receive statutory allocations from the Federation Account.

Available figures show that the Territory received a combined ₦227.4 billion in statutory allocations between July 2025 and June 2026.

However, the allocation period does not exactly correspond with the March 2025-to-March 2026 period used for the debt comparison.

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

The allocations stood at ₦19.3 billion in October, ₦19.1 billion in November and ₦17.5 billion in December.

In January 2026, the FCT received ₦18.3 billion, while the allocation fell to ₦8.8 billion in February before rising to ₦11.4 billion in March.

The inflow increased further 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.

Records Raise Questions Over FCT Borrowing

The figures show that substantial statutory funds continued to flow into the Territory while its domestic debt burden also expanded significantly.

The ₦328 billion increase in domestic debt between March 2025 and March 2026 was about ₦100.6 billion higher than the ₦227.4 billion in statutory allocations recorded between July 2025 and June 2026.

However, the two figures cover different 12-month periods and should not be treated as directly equivalent.

The available financial records also do not state the specific purposes for which the additional borrowings were obtained, nor do they establish that statutory allocations should have been used instead of borrowing.

The figures nevertheless raise questions about the FCT’s borrowing strategy, including the projects or obligations financed through the debt, repayment terms, debt-servicing obligations and the potential impact of the growing debt stock on future revenues.

The sharpest point of scrutiny is the ₦200 billion increase recorded between December 2025 and March 2026, when the Territory’s domestic debt rose from ₦189 billion to ₦389 billion in just three months.

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