ABUJA, Nigeria (September 11, 2026) — The Federal Capital Territory’s domestic debt stock has risen by more than 500 percent in the space of a year, climbing from roughly ₦61 billion in March 2025 to ₦389 billion by March 2026, according to financial records reviewed in recent reporting on the Territory’s finances. The increase occurred under the administration of FCT Minister Nyesom Wike, even as the Territory continued to receive substantial federal statutory allocations over the same period.

The rise, which multiple outlets place at between roughly 500 and 538 percent depending on the comparison base used, unfolded in stages. The FCT’s domestic debt stood at about ₦61 billion in March 2025, before climbing to approximately ₦189 billion by December 2025 — an increase of around ₦128 billion over nine months. The pace then accelerated sharply: between December 2025 and March 2026, the debt stock jumped by a further ₦200 billion, reaching ₦389 billion. In total, the Territory’s domestic debt grew by about ₦328 billion over the 12-month period, more than six times its March 2025 level.

The borrowing surge came despite the FCT continuing to draw significant monthly allocations from the Federation Account. Records show the Territory received a combined ₦227.4 billion in statutory allocations between July 2025 and June 2026, with monthly figures ranging from a low of ₦8.8 billion in February 2026 to a high of ₦30.6 billion in June 2026 — the latter accounting for roughly 13.5 percent of the total inflow over the period. Other monthly allocations included ₦16.6 billion in July 2025, ₦18.4 billion in August, ₦20 billion in September, ₦19.3 billion in October, ₦19.1 billion in November, ₦17.5 billion in December, and ₦18.3 billion in January 2026, before the February dip and the subsequent rise into the ₦20 billion range by March.

The contrast between the scale of federal inflows and the pace of new borrowing has drawn scrutiny, with reporting on the figures noting that the Territory’s debt growth significantly outpaced its allocation growth over the same window — the ₦328 billion debt increase considerably exceeding the ₦227.4 billion the FCT received in statutory funding. The figures have raised questions about the purposes behind the borrowing, what projects or obligations the funds were used to finance, the terms attached to the loans, and the potential impact of debt servicing on the Territory’s future revenues.

Neither the FCT Administration nor Minister Wike had issued a public response to the figures as of this report. The development adds to broader scrutiny of fiscal management in the nation’s capital amid Wike’s tenure, which has also drawn attention on other fronts, including his political activities within the ruling All Progressives Congress (APC).

This is a developing story.