Nyesom Wike, the Minister of Federal Constitutional Technology, has pleaded with the House of Representatives to authorise a N500 billion loan to cover the territory's N1.147 trillion 2024 budget.
When the Minister came before the House Committee on FCT on Monday to defend his budget, he made the request.
The former governor of Rivers State is suggesting in his address that N500 billion be borrowed from commercial banks to fund capital projects.
Niger State Senator Saidu Abdulahi responded to Wike's proposal by voicing worries about the proposed borrowing, arguing that the N500 billion loan would be more expensive from commercial banks.
Wike was thereafter counselled by Abdulahi to consider alternative avenues, such as the stock market.
During his speech on increasing the Federal Capital Territory's income profile, the minister pledged to enhance the land allocation process by implementing a new certificate of occupancy.
Speaking on the land distribution process, Wike said that certain government employees are conspiring with some unscrupulous people to steal from the government.
The budget breakdown revealed that N726 billion will go towards capital expenditures, N280 billion for overhead, and N140 billion towards human costs.
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