Nigeria's FCT Debt Surges Amid Infrastructure Spending

Between 30 September 2025 and 31 March 2026, the domestic debt of the Federal Capital Territory (FCT) increased from ₦78.93 billion to ₦389.88 billion, a rise of approximately ₦311 billion in six months, equating to about ₦1.7 billion daily. The FCT Administration attributed this increase to more infrastructure work, yet there is no documentation detailing who lent the money, the terms, approvals, or specific projects.

This lack of transparency is not unique to the FCT; in Nigeria, loans are often publicly announced but their subsequent utilization is rarely documented. According to Section 44(1) of the Fiscal Responsibility Act 2007, any government borrowing must specify its purpose and provide a cost-benefit analysis.

The Center for Fiscal Transparency and Public Integrity (CeFTPI) is developing the Public Debt Integrity database to track Nigerian public borrowing and its use. Of 448 foreign loans worth $98.75 billion, only 31 percent have independent records of completion, while domestic projects fare worse, with only 26 out of 601 having completion records.