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

NEITI: Lagos, Delta, Osun lead as debt burden of 36 states rises to N3.3trn
March 28
20:21 2017
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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.

States
Total FAAC (N’billion)
IGR (N’billion)
Total Revenue (N’billion)
Total Debt Burden (N’billion)
Lagos109.31301.19410.5603.25
Delta97.8844.89142.78331.95
Osun31.58.9640.46165.91
Akwa Ibom116.6416.59133.24161.23
Cross River33.5513.5447.09153.54
Rivers103.9882.1186.08147.98
Bayelsa87.737.4195.14113.69
Kaduna44.1615.559.65110.39
Plateau34.869.0943.95104.06
Ogun32.6256.388.92103.75
Edo37.3320.6858.0194.54
Imo38.125.4343.5588.06
Bauchi39.735.3945.1383.78
Kano55.3234.4689.7881.05
Kebbi34.953.1338.0876.83
Adamawa33.487.5941.0667.93
Ekiti30.182.3932.5767.29
Oyo40.5915.6656.2565.59
Gombe31.413.5734.9863.89
Enugu34.1512.6746.8257.56
Zamfara33.474.2137.6755.71
Nassarawa30.42.0932.555.63
Kogi36.567.7344.2851.05
Benue37.68.8946.4849.15
Ebonyi30.0911.0341.1346.05
Kwara30.0816.4646.5445.38
Abia34.3313.3547.6844.93
Ondo47.797.7855.5740.54
Taraba31.824.1135.9233.83
Niger39.285.7645.0333.13
Jigawa37.543.3440.8830.96
Katsina41.625.5147.1330.03
Borno40.462.5242.9828.22
Sokoto36.546.2242.7722.9
Anambra34.3514.7949.1520.6
Yobe32.653.836.4511.74

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1 Comment

  1. Eji maze
    Eji maze March 29, 14:24

    Who are the states owing – banks or multilateral institutions? What are the interest rates and repayment terms? How can states develop with all these debts hanging on their necks? Why is it that the states that receive more allocation borrow most?
    Are there anything to show for all these debts? Or they used the money for electioneering. So sad…

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Exchange Rates

September 03, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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