FCT Minister, Wike Plans To Borrow N500 Billion To Finance 2024 Budget
The Minister of FCT, Nyesom Wike, has requested the House of Representatives to authorize a N500 billion loan for the funding of the N1.147 trillion 2024 budget of the territory.
Wike presented himself before the House Committee on FCT on Monday to justify his budget.
In his address, the former Rivers State governor is suggesting to secure a N500 billion loan from commercial banks to support infrastructure projects.
During the budget defense, a legislator from Niger State, Saidu Abdulahi, expressed worry regarding the planned borrowing, emphasizing that the proposed N500 billion loan would incur higher
costs from commercial banks.
The legislator advised the minister to consider other alternatives, such as the capital market.
Regarding the enhancement of the revenue profile of the FCT, the minister pledged to enhance the land allocation system through the new certificate of occupancy.
The minister made accusations regarding the land allocation system, claiming that certain civil servants are colluding with dishonest individuals to deceive the government.
According to the budget breakdown, N726 billion will be allocated for capital expenditure, N280 billion for overhead expenses, and N140 billion for personnel costs.
