Oil-producing States Borrow N1.3tn Amid N6.4tn Windfall.

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The total debts of nine oil-producing states rose from N2.04tn in December 2015 to N3. 35tn as of June 2022, according to sub-national debt reports of the Debt Management Office.

The nine states are Rivers, Akwa Ibom, Delta, Edo, Abia, Ondo, Imo, Bayelsa and Lagos. “Reeling out the details, Ahmed said N445bn was given as salary bailout to states except Akwa Ibom, Anambra, Jigawa,

Lagos and Yobe in September 2015, while N340bn was disbursed to states except Lagos and Osun as excess crude loan.

Also, N610bn was allocated to all states, except Lagos, as a budget support facility. Within the period under review, Delta got the highest allocation of N804.27bn while Cross River got the least, N147.86bn.

Punch

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