Connect with us

Business

Nigerian states surrender over N78bn allocations to pay external debt

Published

on

Data from the National Bureau of Statistics has revealed that Nigerian states were forced to surrender a staggering N78 billion in allocations to pay off external debt.

The figures were captured in the bureau’s Federation Account Allocation Committee Disbursement reports.

Lagos was the most affected state, with about N23.61bn deducted in 2022 for external debt servicing. Kaduna and Cross River followed with N10.25bn and N7.56bn deductions, respectively.

Read Also:NBS report shows Nigeria exported cigarettes worth N57bn in 2022

Oyo, Rivers, Ogun, and Edo were also among the states hit by the deductions, with N4.27bn, N2.74bn, N2.62bn, and N2.15bn deducted from them, respectively.

Borno, Delta, and Zamfara were the least affected states, with N309.79m, N417.54m, and N417.96m deducted from their allocations, respectively.

The monthly breakdown shows the deduction throughout the year, were fixed at N6.3 billion except for January and February, when about N7.66bn was deducted each.

Join the conversation

Opinions

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.

Donate Now