Wike plans to borrow N500bn to finance 2024 budget

The House of Representatives has been asked to approve a N500 billion loan by the Minister of the Federal Capital Territory, Nyesom Wike, to pay the territory’s N1.147 trillion 2024 budget.

On Monday, Wike gave a budget defence before the House Committee on FCT.

In his speech, the former governor of Rivers State suggests that N500 billion be borrowed from commercial banks to fund capital projects.

Saidu Abdulahi, a Niger State lawmaker, expressed worry over the anticipated borrowing during the defence, claiming that the proposed N500 billion loan would be more expensive from commercial banks.

The lawmaker urged the Minister to look into alternative avenues, such as the capital market.

During his speech on increasing the Federal Capital Territory’s revenue profile, the Minister pledged to enhance the land allocation process by implementing a new certificate of occupancy.

When discussing the land distribution system, the Minister alleged that certain government employees are conspiring with some dishonest people to steal money from the government.

The budget breakdown revealed that N726 billion will go towards capital expenditures, N280 billion for overhead, and N140 billion towards personnel costs.

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