The proposal is part of their efforts to mitigate the heightened debt service burden, which state officials claimed has significantly hampered their ability to service existing debts. The states have the highest foreign debt stock as of December 2023 due to multilateral and bilateral loans, data from the Debt Management Office showed. Cross Rivers has the highest at $211.13 million, followed by Ogun at $168.8 million and Ekiti at $121.1 million.
He suggested the need for extensive discussion on exchange rates concerning multilateral financing to address the issue. Furthermore, he raised concerns about the amount deducted as savings from the revenue for the month. He noted that the balances of the Sub-nationals had reduced tremendously as a result. On his part, the Commissioner of Finance of Cross River State, Michael Odere, expressed fears about the state's ability to fund capital projects due to reduced revenues.
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