The House of Representatives have been asked by the Minister of FCT, Nyesom Wike, to approve a N500 billion loan to finance the N1.147 trillion 2024 budget of the territory.
The former River State Governor who appeared before the House Committee on FCT on Monday to defend his budget in his speech is proposing to borrow N500 billion from commercial banks to finance capital projects.
A lawmaker from Niger State, Saidu Abdulahi, during the defense had raised concern over the planned borrowing, stating that the proposed N500 billion loan would cost more from commercial banks therefore, urgining that the minister should explore other options like the capital market.
Speaking on raising the revenue profile of the FCT, Wike promised to improve the land allocation system through the new certificate of occupancy, this is even as he alleged that some civil servants are conniving with some unknown elements to defraud the government on land allocation system.
The breakdown of the proposed budget reveals that capital expenditure will gulp N726 billion, while N280 billion is for overhead and N140 billion goes for personnel costs.
