Wike Reveals Plan To Borrow ₦500bn To Finance 2024 Budget

The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has called on the House of Representatives to approve a N500 billion loan to finance the ₦1.147 trillion 2024 budget of the territory.

Africa Today News, New York reports that Wike appeared before the House Committee on FCT yesterday to defend his budget.

In his speech, the former Rivers State governor proposed to borrow ₦500 billion from commercial banks to finance capital projects.

During the defence, a lawmaker from Niger State, Saidu Abdulahi raised concern over the planned borrowing, stating that the proposed ₦500 billion loan would cost more from commercial banks.

The lawmaker advised the minister to explore other options like the capital market.

Read Also: Real Reason Nigeria Is Still One Country, Wike Opens Up

Speaking on raising the revenue profile of the FCT, the minister promised to improve the land allocation system through the new certificate of occupancy.

Speaking on the land allocation system, the minister alleged that some civil servants are conniving with some unscrupulous elements to defraud the government.

The breakdown of the budget showed that capital expenditure will gulp N726 billion, while N280 billion is for overhead and N140 billion goes for personnel costs.

Meanwhile, Wike has asserted that unscrupulous elements in society were the ones behind the kidnapping incidents in the nation’s capital.

Wike appeared before the legislators following an invitation by the upper chamber for a briefing on the security situation of the FCT.

Speaking after the closed-door meeting, the FCT Minister said there has been a reduction in crime and criminalities in the FCT, adding that two of the most wanted kidnappers in the FCT have also been arrested.

Africa Today News, New York

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