Five states account for more than a third of the total domestic debt owed by the subnational governments in the country. The states are Lagos, Delta, Ogun, Akwa Ibom, and Imo.Information Guide Nigeria
Five states account for more than a third of the total domestic debt owed by the subnational governments in the country. The states are Lagos, Delta, Ogun, Akwa Ibom, and Imo.Information Guide Nigeria
According to the Debt Management Office, the total domestic debt owed by 36 state governments and the Federal Capital Territory increased by N879.50 billion last year to N5.337 trillion as of December 2022. This is a 16.47 percent increase from N4.458 trillion as of the end of 2021. Of the total domestic debt, Lagos owed the highest debt of N807.20 billion, followed by Delta with a total debt of N304.24 billion.
Ogun ranks third with a total debt of N270.45 billion, followed by Akwa Ibom and Imo states with a total domestic debt of N219.26 billion and N204.22 billion respectively. Jigawa had the least debt of N43.95 billion as of December, followed by Kebbi (N61.31 billion).JAMB Result
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Others are Katsina, Nasarawa, and Ondo with domestic debts of N62. 37 billion, N71.43 billion and N77.15 billion respectively.
Chief executive officer of the Centre for the Promotion of Private Enterprise, Muda Yusuf, said that most state governments have accumulated “huge and unsustainable debts, which are affecting their ability to meet their obligations.”JAMB Portal
He said while some state governments can generate a measurable level of revenue, others do not have enough revenue to run their affairs. “Most state governments run heavy bureaucracies, and this is of great concern, given the current status of their internally generated revenues,” he said. “They end up borrowing funds for the day-to-day running of the government instead of investment.NYSC Portal
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