LEADERSHIP checks reveal that that 36 states and the federal capital territory are currently saddled with a whopping debt profile of N5.3 trillion as at June 30, 2022, according to the Debt Management Office (DMO).
On the other hand, data from the National Bureau of Statistics (NBS) revealed that the 36 states of the federation and the FCT were only able to generate N1. 89 trillion as internally generated revenue (IGR) in 2021.
Speaking on the low level of IGR in relation to expenditures, the executive chairman of the Fiscal Responsibility Commission (FRC) Mr. Victor Muruako stressed that concerted efforts must be made by the states and FCT to increase their IGRs in order to reduce their current levels of debt.
