EDITORIAL: States And Liquidity Crisis

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States And Liquidity Crisis

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are struggling to repay existing loans and meet essential obligations germane to effective governance.had stirred the hornet’s nest recently when it disclosed that its projected monthly remittance to the federation accounts allocation committee for the month of May will be zero.

EXCLUSIVE: After Collecting N2.3trn FAAC Allocation In 12 Months: States Still Suffer Infrastructural Decay, Poor Project Funding It is instructive to note that data obtained from the Debt Management Office last year revealed that the federal government owes N10.8 trillion as foreign debt and N10 trillion in domestic debt, while the states and FCT owe N1.8 trillion as foreign debt and N4.1 trillion as domestic debt. In same period, the states’ debts ballooned to N6 trillion, whereas the total revenue was N3.6 trillion. That puts the debt to IGR of the states at 460 per cent just as debt to total revenue is 170 per cent.

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