The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has appealed to the House of Representatives for the green light on a N500 billion loan, aimed at fueling the territory’s hefty N1.147 trillion budget for the year 2024.
Wike took the stand before the House Committee on FCT, vigorously advocating for the financial backing to support the ambitious budgetary goals.
In a spirited address, the former Rivers State governor outlined his strategy to procure N500 billion from commercial banks, earmarked specifically for crucial infrastructure projects.
During the budget defense session, concerns were raised by lawmaker Saidu Abdulahi from Niger State, questioning the financial implications of the proposed borrowing, emphasizing the potential heightened costs associated with commercial bank loans.
Abdulahi urged the minister to explore alternative avenues such as tapping into the capital market to alleviate financial strain.
In his commitment to bolstering the revenue profile of the FCT, Minister Wike pledged to overhaul the land allocation process, emphasizing the implementation of a new certificate of occupancy system.
Expounding on the land allocation dynamics, Wike alleged collusion between certain civil servants and illicit entities, aiming to defraud the government.
The budget breakdown unveiled a staggering allocation of N726 billion for capital expenditure, with N280 billion allotted for overhead expenses and N140 billion designated for personnel costs.
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