Nigeria News
Abuja: Wike to borrow N500bn to finance 2024 budget
The Minister of the FCT, Nyesom Wike, has requested the House of Representatives to approve a N500 billion loan to finance the N1.147 trillion 2024 budget of the territory.
Wike appeared before the House Committee on FCT on Monday to defend his budget.
In his speech, the former Rivers State governor proposed borrowing N500 billion from commercial banks to finance capital projects.
During the defense, a lawmaker from Niger State, Saidu Abdulahi, raised concerns over the planned borrowing, stating that the proposed N500 billion loan would incur higher costs from commercial banks.
The lawmaker urged the minister to explore other options like the capital market.
Speaking on raising the revenue profile of the FCT, the minister promised to improve the land allocation system through the new certificate of occupancy.
Regarding the land allocation system, the minister alleged that some civil servants are colluding with unscrupulous elements to defraud the government.
The breakdown of the budget shows that capital expenditure will amount to N726 billion, while N280 billion is allocated for overhead and N140 billion for personnel costs.
Soaring rice prices threaten Christmas celebrations for Nigerian families
Panic as Stage collapses during Odumodublvck’s performance at Lagos concert
2025 Budget: FG allocates ₦6.36bn for renovation of Tinubu, Shettima’s official quarters
Black Market Dollar to Naira Exchange Rate Today 22nd December 2024
NNPC debunks shutdown rumors, confirms fuel loading at Port Harcourt Refinery
‘We have to find a way’ – Guardiola laments after defeat to Aston Villa
Usyk beats Fury in heavyweight rematch
Southampton name Ex-Roma boss, Ivan Juric as new manager
EPL: Jesus double leads Arsenal’s five-goal rout against Crystal Palace
27 feared dead in Stampede at Christmas rice distribution event in Anambra
Tinubu honours Abuja, Anambra stampede victims, cancels all Lagos events
