\n
The Minister of FCT, Nyesom Wike, has asked the House of Representatives to approve a N500 billion loan to finance the N1.147 trillion 2024 budget of the territory.<\/p>\n
Wike appeared before the House Committee on FCT on Monday to defend his budget.<\/p>\n
In his speech, the former Rivers State governor is proposing to borrow N500 billion from commercial banks to finance capital projects.<\/p>\n
During the defence, a lawmaker from Niger State, Saidu Abdulahi raised concern over the planned borrowing, stating that the proposed N500 billion loan would cost more from commercial banks.<\/p>\n
The lawmaker urged the minister to explore other options like the capital market.<\/p>\n
Speaking on raising the revenue profile of the FCT, the minister promised to improve the land allocation system through the new certificate of occupancy.<\/p>\n
Speaking on the land allocation system, the minister alleged that some civil servants are conniving with some unscrupulous elements to defraud the government.<\/p>\n
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.<\/p>\n
Wike plans to borrow N500bn to finance 2024 budget<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
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