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.