Business
Debt burden of states hits over N3.3tn
The debt burden accumulated by the thirty six states of the federation has risen to over N3.342 trillion.
The Extractive Industries Transparency Initiative (NEITI), revealed this in its Quarterly Review, focused on Federal Accounts Allocation Committee (FAAC) disbursements in 2016.
The publication is also in line with data released by the National Bureau of Statistics, (NBS), Office of the Accountant General of the Federation, FAAC and Debt Management Office.
The NEITI report is also consistent with its mandate of monitoring fiscal allocation and statutory disbursement of revenues due to the three tiers of government.
Read also: 5 sacked PTAD deputy directors to refund salaries
States topping the debt chart are; Lagos, Delta, Osun and Akwa Ibom, with a total debt profile of N1.262 trillion representing about 38% of debts owed by the 36 States of the Federation.
Analysing the break down, NEITI compiled the tune of N603.25 billion owed by Lagos, while Delta’s debt is N331.95 billion. Osun and Akwa Ibom are indebted to the tune of N165.91 billion and N161.23 billion respectively, as at 2016.
The NEITI publication also revealed that the total indebtedness of N3.342 trillion by the 36 states represented 55.15 per cent of the 2016 federal budget of N6.06 trillion and 45.8 per cent of the 2017 federal budget estimated at about N7.3 trillion.
By Akinkunmi Obakeye
RipplesNigeria….without borders, without fears
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...