Modupe Gbadeyanka
By Modupe Gbadeyanka
The Nigeria Extractive Industries Transparency Initiative (NEITI) says the debt profile of Lagos State has reached N603.25 billion, saying it is the highest in the country.
This, it explained, is against N410.5 billion the state makes in revenue.
According to the Director of Communications at NEITI, Dr Orji Ogbonnaya Orji, Delta came second with N331.95 billion debt as against N142.28 of its revenue.
NEITI, in its latest Quarterly Review of the Federation Accounts Allocation Committee (FAAC), Osun and Akwa Ibom States took the third and fourth place on rising debt with N165.91 billion and N161.23 billion respectively.
Also, Yobe and Anambra States stood out clearly as the least debt burden.
While Yobe was indebted to the tune of N11.74 billion, Anambra owed N20.60 billion.
NEITI said the debt burden of Osun, Cross River and Delta states raised major concerns giving the fact that their total borrowings were found to be more than double the total revenues accruing to them.
NEITI maintained that “considering that most states already have a high debt burden, the possibility of even higher debts for the states remain quite high.”
The report, however, projected that government revenues would increase following upward movement in global oil prices.
