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Twenty-two states collectively spent ₦251.79bn on debt servicing within the first nine months of their current administrations, according to findings by Sunday PUNCH. Despite increased monetary allocations from the Federation Account, these states also secured fresh loans totaling ₦310.99bn between July 2023 and March 2024. The data, sourced from the Open Nigerian States platform supported […]
The Zamfara State Government has disclosed that the sum of 14.26 billion was not borrowed but part of the proceeds from a 20 billion naira loan floated by the previous administration. A statement by the spokesperson of the Zamfara Governor, Sulaiman Bala Idris, revealed that no domestic or external loans have been borrowed since Governor […]
In 2023, Nigeria faces a fiscal challenge with several states grappling with significant debt burdens. The Spectacles examines the ten most indebted states based on their outstanding liabilities. 1. Lagos (₦1.97 Trillion) Lagos, Nigeria’s economic hub, tops the list with an outstanding debt of ₦1.97 trillion. This is attributed to extensive infrastructure development projects and […]