The total amount was borrowed by the states between 2015 and 2023 to enable them to pay current salaries and also settle the backlog of salaries in their respective civil services. The 31 state governments according to the CBN, are collectively owing ₦339.9 billion.
There have been concerns about the financial status of the affected states as this development has questioned their revenue generation capacity as their wage bills surpass internally generated revenues.
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