In a breakdown, the DMO said the total public debt stock consists of domestic debt of N26.92 trillion and external debt of N17.15 trillion. The total domestic stock as of September 30, 2022, was N26.92tn while the total external debt stock as of September 30, 2022, was N17.15 trillion. Most of the states still depend on federal allocations to fund their budgets, as their internally generated revenue remains perennially weak. This is surely not sustainable.”A breakdown of states’ debts shows that the Lagos State government is leading the pack with N797. When debt forecloses opportunities, the poor get poorer.”He said to deal with the problem of mounting debt, states need greater autonomy to create their wealth, stressing: “every state is endowed with natural resources.

Source: The Guardian December 11, 2022 16:45 UTC