Aniefiok Christopher
The Senator representing the Federal Capital Territory (FCT), Ireti Kingibe, has accused the FCT Minister, Nyesom Wike, of obtaining loans without the approval of the National Assembly.
Speaking on Channels TV recently, the senator said she had raised concerns with the Senate leadership over the FCT minister’s borrowings.
“I have never seen Wike come to the national assembly and before the senate to ask for approval of anything,” she said.
Kingibe said FCT budgets are usually presented to the Senate through the relevant committee for consideration before being approved by the upper legislative chamber.
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She, however, alleged that Wike had never sought legislative approval for the loans he obtained for the nation’s capital.
“I am definitely saying he has been taking loans without the approval of the national assembly. I don’t know about the house, but certainly not the Senate,” she alleged.
The senator said she became aware of the loans after reviewing information from the Debt Management Office (DMO) covering borrowings from August 2023 to March 2026.
Kingibe challenged anyone disputing her claim to provide evidence that Wike appeared before the national assembly to seek approval for the loans.
“If anybody contradicts me, they should bring the Votes and Proceedings of the day that Wike came to the National Assembly to ask for approval for anything,” she insisted.
”President Bola Tinubu, from whom Wike derives his powers, submits requests for loans and appointments to the National Assembly, adding that Wike’s powers could not exceed those of the commander-in-chief,” Kingibe added.
How Wike Plunged FCT into indebtedness- Premium Times
However, the Federal Capital Territory’s domestic debt has risen more than fourfold since Wike assumed office as minister of the FCT, moving the territory from among Nigeria’s least indebted sub-national governments to the second-highest debtor as published by PREMIUM TIMES based on 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.
From N88.51 billion shortly after Mr Wike assumed office, the FCT’s domestic debt has risen to N389.88 billion.
Available FAAC data show that the territory received N432.13 billion from August 2023 to March 2026.
The absence of comprehensive publicly accessible financial statements makes it difficult for residents and independent observers to determine how its total revenues and liabilities evolved together.
