* Territory now 2nd highest debtor among sub-nationals — DMO
* Experts caution against mounting debt
By Charles Olewezi
Following the recent revelation by the Debt Management Office (DMO), that the Federal Capital Territory’s (FCT) domestic debt surged significantly under the current Minister, Chief Ezenwo Nyesom Wike, jumping from ₦88.51 billion in late 2023 to ₦389.88 billion by March 2026, there have been concerns by Nigerians over the level of fiscal expenditure by the administration.
According to the DMO, the radical increase pushed Abuja from the 9th lowest domestic debtor before the coming in of the President Tinubu- led Federal government to the 2nd highest among all sub-national entities in Nigeria, triggering intense public scrutiny and criticism.
Reacting to the development, former Minister of Sports and Youth Development, Barrister Solomon Dalung, criticised the Wike administration for pilling huge debts for the FCT.
Writing on his social media page, Dalung said, “Do you know how much debt the FCT has accumulated under the man who wants to ‘win election at all cost’?
”Read along with me, because this is no longer just about Wike. It is about public money, public debt and the quality of accountability we are prepared to accept from those who govern us.
”When Nyesom Wike became FCT Minister in August 2023, Abuja’s domestic debt stood at N88.51 billion.
By March 2026, it had risen to N389.88 billion.
”That is an increase of N301.37 billion, representing a 340.5 percent jump. Abuja moved from being the ninth-lowest indebted sub-national government in Nigeria to the second-highest. These figures are from the Debt Management Office.
”But the most revealing part is not even the final figure. It is the speed at which the debt accumulated,” the former minister said
Figures from the DMO shows that the debt was N71.04 billion in June 2025, but rose to N78.93 billion in September, same year. Then suddenly, jumped to N188.86 billion in December, 2025. By March 2026, it was N389.88 billion.
That means that within seven months, the FCT added more than N300 billion to its domestic debt. Between December 2025 and March 2026 alone, the debt increased by N200.99 billion.
Political and economic analysts expressed concern that this happened under an administration that was not merely spending existing revenue, but was also operating with considerably greater control over the FCT’s finances.
Critics and economic analysts worry that rapid borrowing increases long-term debt-servicing burdens, which could crowd out future funding for critical social sectors like primary healthcare and education.
Mr Ademola Adeniyi, a public affairs analyst argues that high-profile urban road projects do not proportionally offset the heavy credit risks and the rising cost of servicing loans on the FCT’s books.
For Daniel Eze, the huge debt profile under just three years of Wike is a dangerous sign of fiscal indiscipline. He asks: ” How many industries or factories were established or is it just about building roads with debt and hoping to use Federal and internal revenue generated to pay?. Our leaders must become creative in thinking. Political office is not all about spending public funds. They must also learn how to generate revenue and create employment.”, he stated
Some individuals and groups have however backed the Minister and applauded him for utilising the FCT funds to build tangible project that are today beneficial to the people.
For instance, the Abuja Original Inhabitants Youth Empowerment Organisation (AOIYEO), defended the administration’s borrowing by pointing to an aggressive, visible uptick in road construction, bridges, and territory-wide infrastructure under Wike.
The FCT administration has also countered the debt panic by noting that monthly IGR has expanded dramatically (from roughly ₦9 billion to over ₦30 billion), allowing a substantial baseline (over ₦12 billion monthly) to flow directly into capital projects alongside recurrent obligations.
Efforts to speak with the Minister or his Media Aide proved abortive as at the time of going to the press.