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Lagos, Oyo and Yobe states are among the most indebted states, while Delta, Kebbi, Gombe, and Ebonyi are among the least indebted, as states struggle to meet their financial obligations, a new report by BudgIT revealed.
According to the report, Lagos state’s total debt stock rose from the 2014 level of N500.8 billion to N734.7 billion in 2016 - accounting for 24.2 percent of the total debt stock of state governments.
The debt stock of Oyo and Yobe states rose by 127.56 percent and 126.03 percent, it said.
However, Delta, Kebbi, Gombe and Ebonyi states’ total debt fell by 22.56 percent 52.18 percent, 2.29 percent and 2.78 percent respectively, the report said.
“Overall, the total debt profile of States increased by 28.45 percent. Average growth rate of states’ debt between 2012 and 2016 remains elevated at 22.16 percent, while the average growth rate of internally generated revenue is 9.04 percent,” BudgIT said in its latest report.
According to the report, Lagos state’s total debt stock rose from the 2014 level of N500.8 billion to N734.7 billion in 2016 - accounting for 24.2 percent of the total debt stock of state governments.
The debt stock of Oyo and Yobe states rose by 127.56 percent and 126.03 percent, it said.
However, Delta, Kebbi, Gombe and Ebonyi states’ total debt fell by 22.56 percent 52.18 percent, 2.29 percent and 2.78 percent respectively, the report said.
“Overall, the total debt profile of States increased by 28.45 percent. Average growth rate of states’ debt between 2012 and 2016 remains elevated at 22.16 percent, while the average growth rate of internally generated revenue is 9.04 percent,” BudgIT said in its latest report.
