Wike
FCT Minister, Nyesom Wike, Reveals N300bn Debt in C of O
The Federal Capital Territory (FCT) Minister, Nyesom Wike, has disclosed that property owners owe over N300 billion in debts related to Certificates of Occupancy (C of O).
The minister spoke during a media parley held at his official residence in Life Camp, Abuja, on Sunday night.
Wike attributed the significant growth in FCT’s revenue to his aggressive revenue drive, which has increased monthly earnings from approximately ₦9 billion in August 2023 to an average of ₦25 billion. In December 2024, the nation’s capital generated over ₦40 billion.
The minister identified the collection of ground rents and payment of Certificates of Occupancy (C of O) by land allottees as key factors contributing to the revenue growth.
Wike noted that the FCT pays salaries totaling N13 billion every month, emphasizing the need to augment the Internally Generated Revenue (IGR) to cover these expenses, as the territory does not receive sufficient funds from VAT and the federal government.