FCT Debt Rises to ₦389.88bn, Now Nigeria’s Second-Highest Under Wike

The FCT’s domestic debt rose from ₦88.51 billion in September 2023 to ₦389.88 billion by March 2026, according to Debt Management Office data. The increase of ₦301.37 billion moved the territory from 29th to second among Nigeria’s 37 sub-national governments by domestic debt. The debt initially declined during Wike’s first year in office, reaching ₦53.43 billion in September 2024. It then rose sharply from ₦78.93 billion in September 2025 to ₦188.86 billion in December, before reaching ₦389.88 billion three months later. The rise occurred as the FCT received ₦432.13 billion in Federation Account allocations between August 2023 and March 2026. However, the lack of publicly available FCT budgets, performance reports and audited accounts since 2023 makes it difficult to determine the terms, purpose and use of the additional borrowing.

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