Wike Requests N500 Billion Loan to finance 2024 Budget

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The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has petitioned the House of Representatives to ratify a N500 billion loan aimed at financing the N1.147 trillion budget earmarked for the territory in 2024.

Wike made his case before the House Committee on FCT during a session held on Monday, where he defended the budget proposal. In his presentation, the former Governor of Rivers State advocated for securing a N500 billion loan from commercial banks to fund various capital projects.

However, during the budget defense session, concerns were raised by Saidu Abdulahi, representing Niger State, regarding the potential financial implications of the proposed borrowing. Abdulahi cautioned that obtaining the N500 billion loan from commercial banks could incur higher costs, suggesting that alternative like the capital market be explored.

While addressing strategies to bolster the revenue profile of the FCT, Wike pledged to enhance the land allocation system through the introduction of a new certificate of occupancy. While speaking on issues within the land allocation process, he alleged that there is a collusion between certain civil servants to defraud the government.

A detailed breakdown of the budget revealed that N726 billion is allocated for capital expenditure, while N280 billion is earmarked for overhead expenses, with an additional N140 billion designated for personnel costs.

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