{"id":352955,"date":"2025-01-20T06:15:41","date_gmt":"2025-01-20T05:15:41","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=352955"},"modified":"2025-01-20T06:15:41","modified_gmt":"2025-01-20T05:15:41","slug":"wike-unveils-over-%e2%82%a6300-billion-in-c-of-o-debts-highlights-revenue-growth-in-fct","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2025\/01\/20\/wike-unveils-over-%e2%82%a6300-billion-in-c-of-o-debts-highlights-revenue-growth-in-fct\/","title":{"rendered":"Wike Unveils Over \u20a6300 Billion in C of O Debts, Highlights Revenue Growth in FCT"},"content":{"rendered":"<ul class=\"marker:text-textOff list-disc pl-8\">\n<li><strong>FCT Minister Nyesom Wike reveals property owners owe over \u20a6300 billion in unpaid Certificates of Occupancy fees, impacting development funding<\/strong><\/li>\n<li><strong>Wike reports FCT&#8217;s monthly revenue increased from \u20a69 billion to an average of \u20a625 billion, with potential for further growth<\/strong><\/li>\n<\/ul>\n<hr \/>\n<p>The Federal Capital Territory (FCT) Minister, Nyesom Wike, has revealed that property owners owe over \u20a6300 billion in unpaid Certificates of Occupancy (C of O) fees.<\/p>\n<p>This revelation came during a media briefing at his Life Camp residence in Abuja on Sunday night.<\/p>\n<p>Upon assuming office in late 2023, Wike discovered the FCT&#8217;s monthly revenue was between \u20a69 billion and \u20a610 billion. However, he announced significant <a href=\"https:\/\/www.withinnigeria.com\/news\/2023\/12\/14\/house-of-assemblies-falana-highlights-lack-of-independence-from-the-executive\/\">improvements<\/a>, with monthly revenue now averaging \u20a625 billion and occasionally surpassing \u20a640 billion.<\/p>\n<p>\u201cWhen I took office, we were generating about \u20a69 to \u20a610 billion monthly. Today, our revenue doesn\u2019t drop below \u20a625 billion. Last month alone, we exceeded \u20a640 billion,\u201d Wike said.<\/p>\n<p>The minister highlighted the importance of taxes and ground rents in funding the FCT\u2019s development projects. He urged residents to assess whether their contributions are yielding visible improvements.<\/p>\n<p>\u201cThe real question residents should ask is if they see their money working for them. We are proving that it is,\u201d he affirmed.<\/p>\n<p>Wike disclosed that arrears linked to C of O fees exceed \u20a6300 billion. He emphasized how transformative these funds could be for the FCT.<\/p>\n<p>\u201cWhen we calculated the debts\u2014excluding ground rents\u2014the amount owed for C of O alone was over \u20a6300 billion. If we received this sum today, the FCT would be unrecognizable in six months,\u201d he explained.<\/p>\n<p>The minister expressed frustration that many land allottees fail to pay the required fees to formalize their titles. He assured residents of the administration\u2019s dedication to accountability, improved services, and infrastructure development.<\/p>\n<p>Wike reiterated his commitment to ensuring the FCT uses resources effectively to enhance residents\u2019 quality of life.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>FCT Minister Nyesom Wike reveals property owners owe over \u20a6300 billion in unpaid Certificates of Occupancy fees, impacting development funding Wike reports FCT&#8217;s monthly revenue increased from \u20a69 billion to an average of \u20a625 billion, with potential for further growth The Federal Capital Territory (FCT) Minister, Nyesom Wike, has revealed that property owners owe over [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":326043,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored 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