The domestic debt portfolio of the Federal Capital Territory (FCT) rose sharply by about ₦328 billion within one year, reaching ₦389 billion in March 2026 from ₦61 billion in March 2025, despite the Territory receiving ₦227.4 billion in federal statutory allocations during the intervening 12-month period.
The increase occurred under the administration of FCT Minister Nyesom Wike, with financial records showing that the Territory’s debt stock more than tripled between March 2025 and March 2026.
Records show that the FCT’s domestic debt stood at approximately ₦61 billion as of March 2025.
By December 2025, the debt portfolio had risen to ₦189 billion, representing an increase of about ₦128 billion in nine months.
The debt stock then surged further to ₦389 billion by March 2026, meaning the FCT accumulated an additional ₦200 billion in domestic debt between December 2025 and March 2026.
Overall, the increase from ₦61 billion in March 2025 to ₦389 billion in March 2026 amounted to ₦328 billion, representing an increase of more than 500 per cent within one year.
The sharp rise in borrowing came at a time when the FCT continued to receive substantial federal statutory allocations.
Financial records show that the Territory received ₦16.6 billion in federal statutory allocation in July 2025. The amount increased to ₦18.4 billion in August and ₦20 billion in September before declining slightly to ₦19.3 billion in October.
In November, the FCT received ₦19.1 billion, followed by ₦17.5 billion in December.
The Territory received another ₦18.3 billion in January 2026, while its allocation fell considerably to ₦8.8 billion in February.
The allocation subsequently increased to ₦11.4 billion in March, ₦23.2 billion in April and ₦24.2 billion in May before reaching a peak of ₦30.6 billion in June 2026.
The monthly figures amount to ₦227.4 billion received by the FCT between July 2025 and June 2026.
June’s ₦30.6 billion allocation accounted for approximately 13.46 per cent of the total amount received during the period, making it the highest monthly allocation in the 12-month period.
By comparison, February’s ₦8.8 billion was the lowest monthly allocation and represented about 3.87 per cent of the total.
The difference between the two months was substantial, with the ₦30.6 billion received in June being ₦21.8 billion higher than the February allocation.
The figures highlight the contrasting movement between federal inflows and the FCT’s debt position during the period.
While the Territory received hundreds of billions of naira in statutory allocations, its domestic debt stock also expanded significantly. The debt increase between March 2025 and March 2026 was equivalent to more than the entire ₦227.4 billion in federal statutory allocations received between July 2025 and June 2026.
The figures nonetheless raise questions about the Territory’s borrowing strategy and the relationship between its growing debt obligations and the substantial public funds flowing into the FCT.
The increase was particularly pronounced in the final quarter covered by the debt figures.
From ₦189 billion in December 2025, the domestic debt portfolio climbed to ₦389 billion by March 2026, an increase of ₦200 billion in just three months.
That three-month increase alone was larger than the ₦128 billion rise recorded between March and December 2025.
The development also means that the FCT entered 2026 with a significantly larger domestic debt burden than it had at the beginning of the period under review.
With the debt stock standing at ₦389 billion as of March 2026, the Territory’s borrowing position had expanded by more than six times its March 2025 level.
The trend places greater importance on scrutiny of the purposes for which the borrowings were obtained, the projects or obligations they financed, repayment terms and the impact of debt servicing on the FCT’s future revenues.
It also raises broader questions about fiscal management in the nation’s capital, particularly as the Territory continues to receive significant allocations from the federation.