The total debts of 10 oil-producing states rose from N2.04tn in December 2015 to N3.35tn as of June 2022, according to sub national debt reports of the Debt Management Office.
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.