- Moving from 9th least
The Federal Capital Territory’s domestic debt has risen more than fourfold since Nyesom Wike assumed office as minister in August 2023, moving the territory from among Nigeria’s least indebted sub-national governments to the second-highest debtor, data from the Debt Management Office (DMO) has shown.
When Wike assumed office on 21 August 2023, the FCT’s domestic debt stood at N88.51 billion as of September 30, 2023, according to DMO data. At the time, the FCT ranked 29th among the 36 states and the territory in domestic debt, meaning it was the ninth least indebted sub-national government in the country.
By March 2026, however, the debt had climbed to N389.88 billion, representing an increase of N301.37 billion, or 340.5 per cent, from the September 2023 ranking.
The latest figure places the FCT second among Nigeria’s 37 sub-national governments in domestic debt, according to the DMO data.
The increase is particularly notable because the FCT’s domestic debt had declined substantially during the first year of Wike’s tenure.
It rose from N88.51 billion in September 2023 to N91.52 billion in December 2023 and N94.01 billion in March 2024.
The debt subsequently fell to N84.64 billion in June 2024 and dropped further to N53.43 billion in September 2024 before rising to N63.56 billion by December that year.
It stood at N61.11 billion in March 2025 and N71.04 billion in June before rising to N78.93 billion in September 2025.
The sharp reversal came in the final quarter of 2025.
The FCT’s domestic debt jumped from N78.93 billion in September to N188.86 billion by December, an increase of N109.93 billion in three months.
By March 2026, it had more than doubled again, reaching N389.88 billion.
That means the FCT’s domestic debt increased by N200.99 billion between December 2025 and March 2026 alone.
However, the FCT is not the only subnational government with a rising domestic debt profile.
Under Governor Monday Okpebholo, Edo State has risen from 12th position to the sixth most indebted state in Nigeria.
The DMO’s published sub-national debt records confirm that it regularly publishes domestic debt positions for the states and FCT, including quarterly figures through December 2025.
The drastic rise in debt has occurred alongside substantial inflows to the FCT from the Federation Account.
Because the FCT administration has not made its budget documents and financial reports publicly available since 2023, the analysis relied on monthly allocations published through the Federation Account Allocation Committee (FAAC) and the Office of the Accountant-General of the Federation to examine the Territory’s federally distributed revenue.
The newspaper’s analysis of FAAC allocation from August 2023 to March 2026 shows that the FCT received N432.13 billion during the period.
The figure comprises N47.69 billion received between August and December 2023, N136.79 billion in 2024, N204.16 billion in 2025 and N43.49 billion in the first three months of 2026.
The analysis covers the same period ending with the March 2026 DMO debt position.
The FAAC figures, however, do not represent the FCT’s entire revenue. They exclude internally generated revenue and other receipts such as opening balances, grants, aids and loans.
The revenue picture has also strengthened considerably in recent months.
The FCT received N24.28 billion in April and N30.62 billion in May 2026, bringing its FAAC receipts for the two months to N54.90 billion.
The May allocation followed a national FAAC distribution of N2.3 trillion among the three tiers of government.
The April allocation was part of the N2.257 trillion distributed by FAAC from the month’s Federation Account revenue.
The April and May figures represent the highest monthly FAAC receipts recorded by the FCT.
Despite the growth in both debt and federal allocations, it was not possible to find successive budget documents, budget performance reports and audited financial statements for the FCT on the official FCT administration website covering the period since Wike assumed office.
The absence of these documents makes it difficult to independently establish the precise purposes for which the FCT incurred the additional debt, the sources and terms of the borrowings and how the borrowed funds were deployed.
It also limits public scrutiny of the relationship between the FCT’s revenue, expenditure and debt accumulation.
This is significant because the FCT is not a state but 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 21 August 2023. The debt trajectory since then presents a steep contrast.
From N88.51 billion shortly after Wike assumed office, the FCT’s domestic debt has risen to N389.88 billion.
In percentage terms, the increase is 340.5 per cent while in absolute terms, the FCT has added N301.37 billion to its domestic debt stock in roughly two and a half years.
And while the available FAAC data show that the territory received N432.13 billion between August 2023 and March 2026, the absence of comprehensive publicly accessible financial statements makes it difficult for residents and independent observers to determine how its total revenues and liabilities evolved together.
The figures raise questions about the scale, timing and purpose of the borrowing that propelled the FCT from one of Nigeria’s least indebted sub-national governments to the second-highest domestic debtor.
- Media Report