Quest for the Truth and Justice

NEITI: Kwara 26 on debt log, owes N45.38bn

Posted by on Mar 30th, 2017 and filed under News, Top Stories. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

The Nigeria Extractive Industries Transparency Initiative (NEITI) has said that the debt burden of the 36 states of the federation rose to over N3.342 trillion as of 2016.

On the debt log of the 36 states in the country, Kwara is placed 26 with a burden of N45.38billion while Lagos, Delta, Osun and Akwa Ibom topped the chart, with a total debt profile of N1.262 trillion representing about 38 per cent of the total debts.

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 NEITI Director of Information, Ogbonnaya Orji,

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 per cent of the 2016 budget of N6.06 trillion and 45.8 per cent of the 2017 budget estimates of about  N7.3 trillion.

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