Hold up, Abuja residents! It turns out, there’s a massive pile of unpaid Certificate of Occupancy (C of O) debts that could make your head spin. We’re talking about a staggering ₦300 billion owed by property owners in the Federal Capital Territory (FCT). FCT Minister Nyesom Wike dropped this bombshell, and it’s got everyone talking. This ain’t pocket change folks, this is serious money that could transform our city!
- Massive Debt: Property owners owe over ₦300 billion in C of O debts.
- Blame Game: Minister Wike points fingers at past administrations for weak enforcement.
- Revenue Surge: FCT’s monthly revenue has jumped from ₦10 billion to over ₦40 billion.
- Money at Work: Wike promises the recovered funds will transform Abuja.
- Get Ready: New measures are being implemented to recover these huge debts.
The Shocking Revelation
During a recent media chat, Minister Wike didn’t hold back. He revealed that the total amount owed by property owners for their Certificates of Occupancy has soared past the ₦300 billion mark. That’s a jaw-dropping figure that could make even the richest of us raise an eyebrow. Wike was clear: this massive debt is primarily due to property owners not complying with regulations, coupled with weak enforcement by previous administrations.
What Does This Mean For Abuja?
Minister Wike didn’t just drop a bomb and run; he also gave us a glimpse of what could be if this money is recovered. Imagine the possibilities: better roads, improved public services, and a city that’s truly world-class. Wike even joked that if the money is recovered, you could take a trip to America, come back in six months, and not recognize the place. That’s some serious talk!
The Revenue Surge
It’s not all bad news though. Wike also announced that FCT’s revenue generation has seen a huge boost since he took office. Monthly revenue has skyrocketed from around ₦9 to ₦10 billion to an impressive ₦25 billion and even hit over ₦40 billion last month! This is good news for us all, as it means the city has more resources to work with. The Minister emphasized that this revenue growth is without raising taxes and ground rents, but based on the current C of O debts.
Why should you care?
Wike isn’t one to let sleeping dogs lie. He stated that his administration is actively working to recover these massive debts and has begun implementing new measures to ensure that these debts are recovered. If the FCT can collect this huge amount, it means more resources available for the city. This could impact you in ways you might not even imagine – like improved infrastructure and better public amenities.
What’s Next?
The big question remains: how will the FCT recover this N300 billion? While specific details are still emerging, Wike is making it clear that he is committed to getting this money back. Property owners in Abuja need to brace themselves, because it looks like the days of dodging C of O payments are numbered. This is a significant development that will likely have a big impact on the FCT. Stay tuned for more updates as this story develops.
Fun Fact
Did you know that Abuja was originally conceived as a planned city? In fact, it was purpose-built to be the capital of Nigeria, officially replacing Lagos in 1991. Now, the city’s growth and development are being seriously impacted by the huge C of O debts.
The Guardian Newspaper first reported this story and you can find more details here: Guardian.ng
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