States spent N3.6bn servicing external debts in January — FAAC

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A total of N3.6bn was spent by the 36 state governments servicing their external debt obligations in the month of January.

The amount was arrived at based on an analysis of their allocation for the month of January by the Federation Account Allocation Committee.

An analysis of the FAAC document showed that Lagos State with about N1.23bn spent the highest amount servicing its external debt obligations. In the same vein, the analysis of the allocation showed that Edo spent N78.96m on debt servicing; Ekiti, N86.49m; Enugu, N66.5m; Gombe, N33.51m; Imo, N52.49m; Jigawa, N28.35m and Kano, N68.65m.

He urged the state governments to discontinue borrowing in order to avoid a situation where a huge chunk of their annual budget would be spent on debt servicing.Nigeria needs bill that guarantees electricity, not to ban generators – Ogunyadeka, technology expert

 

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