The Fiscal Responsibility Commission (FRC) has expressed dismay at how banks in the country lure many state governments into debt traps by offering mouthwatering loans.
The council consequently issued critical guidelines that state governments must satisfy before being eligible to borrow from any bank or the capital market in the country.
Barrister Charles Abana, the Head, Directorate of Legal, Investigation and Enforcement at the Fiscal Responsibility Commission made this known at the Growth Initiative for Fiscal Transparency (GIFT) Parley with Civil Society Partners, in Abuja, on Monday.
