The Federal Capital Territory’s domestic debt has risen more than fourfold since Nyesom Wike assumed office as minister of the FCT in August 2023, moving the territory from among Nigeria’s least indebted sub-national governments to the second-highest debtor, PREMIUM TIMES analysis of data from the Debt Management Office (DMO) has shown.
When Mr Wike assumed office on 21 August 2023, the FCT’s domestic debt stood at N88.51 billion as of 30 September 2023, according to DMO data. At the time, the FCT ranked 29th among the 36 states and the territory in domestic debt, meaning it was the ninth least indebted sub-national government in the country.
By March 2026, however, the debt had climbed to N389.88 billion, representing an increase of N301.37 billion, or 340.5 per cent, from the September 2023 ranking.
The latest figure places the FCT second among Nigeria’s 37 sub-national governments in domestic debt, according to the DMO data reviewed by PREMIUM TIMES.
The increase is particularly notable because the FCT’s domestic debt had declined substantially during the first year of Mr Wike’s tenure.
