Rising Debts: Oil-Producing States Borrow N1.3tn Amid N6.4tn Windfall – DMO - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (A.M)
December 2, 2022
This means that a total of N1.31tn was borrowed within a period of about seven years by the states.
The 10 oil producing states are: Rivers, Akwa Ibom, Delta, Edo, Abia, Ondo, Imo, Cross River, Bayelsa and Lagos.
This came as findings show that the oil-producing states received the sum of N6.4tn in federal allocation and 13 per cent derivation fund.
The Federal Government disbursed a total of N1.98tn as a share of the 13 per cent derivation fund to oil-producing states, the Minister of Finance, Budget, and National Planning, Zainab Ahmed, disclosed this on Thursday in Abuja.