Nyesom Wike
Nyesom Wike, the Minister of the Federal Capital Territory (FCT), highlighted a striking contrast in revenue generation. Previously, a private manager was paying only ₦50 million annually to lease the International Conference Centre, now renamed the Bola Ahmed Tinubu International Conference Centre. However, after comprehensive refurbishment, the facility now generates over ₦1.7 billion monthly. This significant increase in revenue has been a major talking point, with Wike defending the federal government’s decision to renovate the centre despite facing political pushback and legal challenges.
Wike emphasized that strong leadership requires making tough decisions, which sometimes may be unpopular. The renovated centre has not only become profitable but also a symbol of pride and modernity for Abuja, contributing to job creation and economic growth. The increased revenue is part of a broader trend in the FCT, where monthly revenue has surged from approximately ₦9 billion to ₦25 billion under Wike’s administration. This growth has been driven by aggressive revenue drives, including the collection of ground rents and payment of Certificates of Occupancy (C of O) by land allottees.
The FCT’s revenue growth has been remarkable, with over ₦40 billion generated in December 2024. Wike’s administration has signed over 7,000 Certificates of Occupancy, compared to only 5,000 signed between 2010 and 2015, and 3,000 between 2015 and 2023. This increased revenue collection has been attributed to Wike’s efforts to ensure that land allottees fulfill their obligations. According to Wike, the FCT has the potential to generate up to ₦300 billion monthly if all land allottees pay their dues.
The increased revenue has enabled the FCT to invest in infrastructure development and improve service delivery. However, Wike emphasized the need for greater accountability in ensuring that the funds collected are effectively utilized for development. He stressed that the government must be transparent and responsible in managing the revenue generated, to ensure that it benefits the citizens of the FCT.
Wike’s revenue drive has been part of a broader effort to transform the FCT into a modern and vibrant city. The government’s efforts have not only increased revenue but also improved the overall quality of life for residents. The FCT’s growth and development have been driven by a combination of effective leadership, strategic planning, and a commitment to accountability and transparency.
As the FCT continues to grow and develop, it is likely that the revenue generated will play an increasingly important role in shaping the territory’s future. With effective management and utilization of resources, the FCT can become a model for other cities in Nigeria, showcasing the potential for growth and development through responsible governance.
