Lagos debt stood at N802bn in August -NBS

By Benjamin Umuteme

Abuja

A new National Bureau of Statistics (NBS) report has put the external debt burden of Lagos state as at August 2017 at N802,75 billion.
The Federation Accounts Allocation Committee (FAAC) disbursement report for September 2017 by the bureau indicates that total external debt by the 36 states stood at N2.67 trillion.
Data also revealed that Cross River state has a debt burden of N231.37 billion, while Akwa Ibom, Oyo Kaduna and Osun have external debt of N111.23 billion, N115.18 billion, N180.37 billion and N86.25 billion respectively.
Conversely, Taraba, Borno and Zamfara with monthly allocation of N3.35 billion, N4.33 billion, and N3.46 billion have the lowest debt of N17.16 billion, N17.41 billion and N20.30 billion respectively.
It will be recalled that the Committee shared N637.70 billion in the month under review with states getting N173.81 billion, Local Government Councils N131.04 billion and the federal government N273.09 billion.
Also, the FAAC disbursement report showed that N2,545,134,511.17 trillion was deducted from states for Contractual Obligations (ISPO). While Other Obligations from the 36 states amounted to N18.200,258,178.58 trillion with Osun, Rivers, Bayelsa and Delta accounting for the highest amount of deductions with N1.37 billion, N1. 26 billion, N1.27 billion and N1.17 billion respectively chalked off the amount distributed to them by the committee.
Further breakdown of disbursement by FAAC showed that oil producing states got N41.97 billion with Akwa Ibom state getting as much as N9.57 billion, Bayelsa N8.75 billion, Delta N11.98 billion. Others are Edo, Imo, Ondo and Rivers got N1.25 billion. N257.89 million, N1.48 billion and N8.260 billion respectively.
Further breakdown of disbursement to the federal government revealed that the sum of N235.80 billion went into the consolidated revenue account; N4,95 billion shared as share of derivation and ecology; N2.47 billion as stabilisation fund; N8.31 billion for development of natural resources; and N5.74 billion to federal capital territory.

 

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