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News - North Central - FCT Updated: March 22, 2024

States' debt to FG hits N1.7tn - Account-General

By Felicia Abisola Olamiji
March 22, 2024
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The governments of Nigeria’s 36 states and the Federal Capital Territory owe the federal government an outstanding liability of N1.72tn in budget support facilities.

The figures were revealed in a presentation on state budget support facility by Office of the Accountant General of the Federation, at the 140th meeting of the National Economic Council presided over by Vice President Kashim Shettima at the Aso Rock Villa, Abuja, on Thursday.

Senior Special Assistant to the Vice President on Media and Communications, Stanley Nkwocha, revealed this in a statement he signed Thursday titled, ‘NEC endorses take-off of $617M i-DICE programme across states.’

In 2021, the Muhammadu Buhari administration approved a fresh N656bn Bridge Financing Facility for the 36 states.

This was part of earlier interventions to “help state governments to meet their financial obligations,” then-Minister of Finance, Zainab Ahmed said.

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The FCT owes N49.11bn and each of the 36 states carries the same debt burden, totalling N1.72bn.

At a previous NEC meeting held in November 2023, the FG had emphasised that the it ceased providing budget support loans in July 2023, partly due to an increase in the federation’s revenues.

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Felicia Abisola Olamiji

  A graduate of English Language from Olabisi Onabanjo University, passionate about learning new...

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