{"id":22732,"date":"2024-03-18T20:03:11","date_gmt":"2024-03-18T20:03:11","guid":{"rendered":"https:\/\/nigerdeltanews.ng\/wike-plans-to-borrow-n500bn-to-finance-2024-budget\/"},"modified":"2024-03-18T20:03:11","modified_gmt":"2024-03-18T20:03:11","slug":"wike-plans-to-borrow-n500bn-to-finance-2024-budget","status":"publish","type":"post","link":"https:\/\/nigerdeltanews.ng\/wike-plans-to-borrow-n500bn-to-finance-2024-budget\/","title":{"rendered":"Wike plans to borrow N500bn to finance 2024 budget"},"content":{"rendered":"<div>\n<p>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<p>Wike appeared before the House Committee on FCT on Monday to defend his budget.<\/p>\n<p>In his speech, the former Rivers State governor is proposing to borrow N500 billion from commercial banks to finance capital projects.<\/p>\n<p>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<p>The lawmaker urged the minister to explore other options like the capital market.<\/p>\n<p>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<p>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<p>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<p>Wike plans to borrow N500bn to finance 2024 budget<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Minister of FCT, Nyesom Wike, has asked the House of Representatives to approve a N500 billion loan to finance&hellip;<\/p>\n","protected":false},"author":1,"featured_media":22733,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5694,15,761,1950],"tags":[1279,64,764,180,762,33],"class_list":["post-22732","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-2024-budget","category-news","category-top-headlines","category-wike","tag-1279","tag-budget","tag-headlines","tag-news","tag-top","tag-wike"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.9 - 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