FCT debt skyrockets under Wike, becomes Nigeria's second-highest indebted territory

The Federal Capital Territory (FCT) has experienced a dramatic increase in its domestic debt, soaring from N88.51 billion in August 2023 to N389.88 billion by March 2026, according to an analysis of Debt Management Office (DMO) data. This surge, representing a 340.5% increase, has repositioned the FCT from the ninth least indebted sub-national government to the second-highest debtor in Nigeria.

Nyesom Wike assumed office as minister of the FCT in August 2023. While the territory's debt initially saw a decline in the first year of his tenure, falling from N88.51 billion in September 2023 to N53.43 billion in September 2024, a sharp reversal occurred in the final quarter of 2025. The FCT's domestic debt jumped by N109.93 billion in three months, from N78.93 billion in September 2025 to N188.86 billion in December 2025. It more than doubled again by March 2026, reaching N389.88 billion.

This significant rise in debt occurred concurrently with substantial revenue inflows to the FCT from the Federation Account. Analysis of monthly allocations from August 2023 to March 2026 indicates the FCT received N432.13 billion during this period. However, the FCT administration has not publicly released its budget documents or financial reports since 2023, limiting transparency.

The report also notes that other subnational governments are experiencing rising domestic debt. Edo State, for example, has moved from 12th to sixth most indebted under Governor Monday Okpebholo. The DMO regularly publishes sub-national debt records, including quarterly figures up to December 2025, confirming these trends.