States surrender over N78bn allocations to pay external debt

National Bureau of Statistics (NBS)

 States surrender over N78bn allocations to pay external debt

AREWA AGENDA – 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.

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.

Credit: Ripples Nigeria