More and more states are sinking deeper into the historic pit of financial crisis, with the governments of Kano, Imo, Adamawa and Taraba states funding staff costs with about 40 percent of their retained revenues from last year.
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While the crisis of financial sustainability has reached worrying proportions in some states, many states have been significantly affected and are spending the majority of internally generated revenue (IGR) on paying salaries, gratuities and allowances. |
When the Debt Management Office (DMO) announced last month that Nigeria's public debt had reached 121.67 trillion naira, comprising N65.65 trillion ($46.29 billion) of total domestic debt and N56.02 trillion ($42.12 billion) of multi-billion foreign debt, there was a widespread feeling that the country would be crippled by debt.
Stay up to date with these developing stories and read more in today's edition of The Guardian. |
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