C-of-O Debts In FCT Is Over N300 Billion – Wike …Says FCT Generated N40bn In Dec 2024

The Federal Capital Territory (FCT) Minister, Nyesom Wike on Sunday night said debts owed by property owners with regard to Certificates of Occupancy (C of O) is over N300 billion.

Wike spoke at a media parley held at his official residence in Life Camp, Abuja.

The minister also disclosed that his aggressive revenue drive has shot up the monthly earnings of FCT from about ?9bn when he assumed office in August 2023 to an average of ?25bn monthly.

He said the nation’s capital generated over ?40bn in December 2024.

He attributed the growth in revenue to the collection of ground rents and payment of Certificates of Occupancy (C of O) by land allottees.

The minister said the FCT pays salaries to the tune of N13bn every month.

Wike said: “We don’t get up to N13bn from VAT and the 1% from the Federal Government. So, we have to augment the IGR to be able to pay the salaries because of the new wages.

“As at the time I came, we were generating about N9bn to N10bn. Today, by the grace of God, we are not generating less than N25bn a month.

“It is because of our aggressive revenue drive. In fact, last month, we were able to generate about 40 something billion naira. Aggressive revenue drive to be able to carry out infrastructure

“It must be from taxes and when taxes are not paid how do we get development?” he asked.

“In your conscience, can you say that the FCT is justifying the revenue or the taxes you are paying? Yes, it is correct. We can beat our taxes to say we are doing that but it is not enough,” he added.