In the midst of the current economic crisis, the minister of the Federal Capital Territory and the 28 governors of states who are stepping down on May 29 or seeking reelection have amassed roughly N5.8 trillion in sub-national debt.
The PUNCH noted that up to 81.72 percent of the N5.36 trillion in subnational domestic debts and 69.08 percent of the $4.56 billion in overseas debts were owing by these states and the FCT.
The international lender had previously predicted that Nigerian states would likely lose N18.8 billion in oil and gas income in 2022 as deteriorating tax collection at the federal level increased strain on state budgets.
However, Christian Ita, the governor of Cross River’s senior adviser for media and publicity, attributed the state’s debt load on earlier administrations. Considering the projection made by The PUNCH, Lagos state has the highest debt.