JUST IN: FCT Minister Nyesom Wike Seeks House Approval for N500 Billion Loan to Fund 2024 Budget

The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has requested the House of Representatives to approve a N500 billion loan to finance the N1.147 trillion 2024 budget of the territory....READ FULL ARTICLE

Wike appeared before the House Committee on FCT on Monday to defend his budget proposal.

During his presentation, the former Rivers State governor proposed borrowing N500 billion from commercial banks to finance capital projects.

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In response, a lawmaker from Niger State, Saidu Abdulahi, expressed concern over the planned borrowing, stating that obtaining the proposed N500 billion loan from commercial banks would incur higher costs.

Abdulahi urged the minister to consider exploring alternative options such as the capital market.

Addressing the issue of boosting the revenue profile of the FCT, Wike pledged to enhance the land allocation system through the issuance of new certificates of occupancy.

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Furthermore, the minister alleged that some civil servants were colluding with unscrupulous individuals to defraud the government within the land allocation system.

The budget breakdown indicates that N726 billion is allocated for capital expenditure, while N280 billion is earmarked for overhead costs, and N140 billion is designated for personnel expenses....READ FULL ARTICLE

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