Senator Ireti Kingibe
Senator Ireti Kingibe has raised concerns over the sharp increase in the debt profile of the Federal Capital Territory since Nyesom Wike became Minister of the FCT.
Kingibe made the disclosure during an interview on Channels Television on Tuesday August 25 saying the FCT’s debt had risen significantly within a relatively short period.
She said the territory’s debt stood at about N88.5 billion in August 2023, around the time Wike assumed office, but increased to approximately N389 billion by March 2026.
According to the senator, the increase represents about N301.37 billion, or 340 per cent, over the period.
“August 2023, Abuja’s debt was at N88.5 billion, by March 2026 it had become N389 billion,” Kingibe said.
She questioned the pace of the increase and called for greater scrutiny of the borrowing and financial commitments accumulated by the FCT.
The development comes amid the administration’s implementation of several major infrastructure projects, including road construction, rehabilitation, urban renewal and other projects across Abuja.
While supporters of Wike have cited the projects as evidence of increased development in the capital, critics have raised concerns about their financial implications and the sustainability of the FCT’s growing debt burden.
