The Federal Capital Territory’s domestic debt stock rose by about ₦328 billion within one year, climbing from approximately ₦61 billion in March 2025 to ₦389 billion by March 2026, according to financial records.
The increase, recorded under the administration of FCT Minister Nyesom Wike, represents a rise of about 538 per cent over the March 2025 debt level and means the Territory’s domestic debt had grown to more than six times its previous size by March 2026.
The figures show that the increase occurred in stages. From approximately ₦61 billion in March 2025, the FCT’s domestic debt rose to about ₦189 billion by December 2025 an increase of roughly ₦128 billion within nine months.
The debt stock then recorded a much sharper increase in the following three months, climbing by another ₦200 billion from ₦189 billion in December 2025 to ₦389 billion in March 2026.
That three-month increase alone was considerably higher than the ₦128 billion accumulated between March and December 2025, making the period between December 2025 and March 2026 the most pronounced increase reflected in the figures.
The expansion in the Territory’s debt portfolio came as the FCT also continued to receive statutory allocations from the Federation Account.
Available figures show that the FCT received a combined ₦227.4 billion in federal statutory allocations between July 2025 and June 2026, although that allocation period does not exactly correspond with the March 2025-to-March 2026 period covered by the debt comparison.
The monthly allocations stood at ₦16.6 billion in July 2025, ₦18.4 billion in August and ₦20 billion in September. The Territory subsequently received ₦19.3 billion in October, ₦19.1 billion in November and ₦17.5 billion in December.
In January 2026, the FCT received ₦18.3 billion, while the allocation declined to ₦8.8 billion in February before increasing to ₦11.4 billion in March.
The inflow rose further to ₦23.2 billion in April, ₦24.2 billion in May and ₦30.6 billion in June 2026.
June’s ₦30.6 billion was the highest monthly allocation during the 12-month period and represented approximately 13.46 per cent of the ₦227.4 billion total, while February’s ₦8.8 billion was the lowest, accounting for about 3.87 per cent.
The difference between the highest and lowest monthly allocations was ₦21.8 billion.
The figures consequently show that while substantial statutory funds were flowing to the Territory, its domestic debt burden was also expanding significantly.
The financial records, on their own, do not state the purposes for which the additional borrowings were obtained or establish that statutory allocations should have been used instead of borrowing.
The financial records, on their own, do not state the purposes for which the additional borrowings were obtained or establish that statutory allocations should have been used instead of borrowing.
They, however, raise questions about the FCT’s borrowing strategy, including the projects or obligations financed by the debt, the applicable repayment terms, debt-servicing obligations and the potential effect of the growing debt stock on future revenues.
The sharpest point of scrutiny is likely to be the ₦200 billion increase recorded between December 2025 and March 2026, when the Territory’s domestic debt moved from ₦189 billion to ₦389 billion within only three months.