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

Wike made the appeal when he appeared before the House Committee on FCT on Monday, March 18 to defend his budget.

Speaking with the committee, the minister said he is proposing to borrow N500 billion from commercial banks to finance capital projects.

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Reacting to Wike’s demand, a lawmaker from Niger State, Saidu Abdullahi raised concerns over the planned borrowing, maintaining that the proposed N500 billion loan would cost more from commercial banks.

Abdullahi, however, advised Wike to explore other options like the capital market.

Speaking on raising the revenue profile of the FCT, the minister promised to improve the land allocation system through the new certificate of occupancy.

Addressing the land allocation system, Wike alleged that some civil servants are conniving with some unscrupulous elements to defraud the government.

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.