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Lagos, Delta, Osun lead as debt burden of 36 states rises to N3.3trn

The Nigeria Extractive Industries Transparency Initiative (NEITI) says that the debt burden of the 36 states of the federation rose to over N3.342 trillion as of 2016.

Lagos, Delta, Osun and Akwa Ibom topped the debt chart, with a total debt profile of N1.262 trillion representing about 38% of debts owed by the 36 states of the federation.

The break down shows that Lagos was indebted to the tune of N603.25 billion, Delta, N331.95 billion, while Osun and Akwa Ibom are owing N165.91 billion and N161.23 billion respectively.

This information was contained in the third edition of NEITI Quarterly Review, summarised in a statement by Ogbonnaya Orji, NEITI director of information.

The publication with facts and data from the National Bureau of Statistics (NBS), Office of the Accountant General of the Federation, FAAC and Debt Management Office (DMO), is consistent with the mandate of NEITI on monitoring of fiscal allocation and statutory disbursement of revenues due to the three tiers of government.

NEITI’s legitimate interest in the debt profiles, revenue generation and management in Nigeria is as a result of the fact that over 70 percent of the revenues involved are derived from the extractive industry.

The review shows that Yobe and Anambra states have the least debt burden of N11.74 billion and N20.60 billion respectively as at the end of 2016.

The NEITI publication also expressed concern that the total indebtedness of N3.342 trillion by the 36 states represented 55.15 percent of the 2016 budget of N6.06 trillion and 45.8 per cent of the 2017 budget estimates of about N7.3 trillion.

 

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Damilola is a full time journalist/writer/freelancer and blogger.

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