The Federal Capital Territory’s domestic debt has risen more than fourfold since Nyesom Wike assumed office as minister of the FCT in August 2023, moving the territory from among Nigeria’s least indebted sub-national governments to the second-highest debtor, PREMIUM TIMES analysis of data from the Debt Management Office (DMO) has shownIt rose from N88.51 billion in September 2023 to N91.52 billion in December 2023 and N94.01 billion in March 2024.

The debt subsequently fell to N84.64 billion in June 2024 and dropped further to N53.43 billion in September 2024 before rising to N63.56 billion by December that year.

It stood at N61.11 billion in March 2025 and N71.04 billion in June before rising to N78.93 billion in September 2025.

 The sharp reversal came in the final quarter of 2025.

The FCT’s domestic debt jumped from N78.93 billion in September to N188.86 billion by December, an increase of N109.93 billion in three months.

By March 2026, it had more than doubled again, reaching N389.88 billion.

That means the FCT’s domestic debt increased by N200.99 billion between December 2025 and March 2026 alone.

However, the FCT is not the only subnational government with a rising domestic debt profile. PREMIUM TIMES reported that under Governor Monday Okpebholo, Edo State has risen from 12th position to the sixth most indebted state in Nigeria.

The DMO’s published sub-national debt records confirm that it regularly publishes domestic debt positions for the states and FCT, including quarterly figures through December 2025.