This was revealed by the sub-national debt report of the Debt Management Office, DMO which also confirmed that within a period of seven years, a total of N1.31 trillion was borrowed by the states.
The 10 states, Rivers, Akwa Ibom, Delta, Edo, Abia, Ondo, Imo, Cross River, Bayelsa and Lagos increased their combined total debts from N2.04 trillion in December 2015 to N3.35tn as of June 2022.
According to data from the National Bureau of Statistics sighted by the PUNCH, between 2016 and 2020, the oil-producing states got N4.46tn from the Federation Account Allocation Committee.
