States under heavy debt burden, exceed debt to revenue ratios

February 7, 2020
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Ogun State had net revenue of N39.64 billion, a debt of N130.42 billion and a debt to revenue ratio of 328.97%. The state, therefore, had passed the limit set by the DMO by 278.97%.

For Plateau State, the revenue stood at N43.89 billion while the debt stood at N109.23 billion. The debt to revenue ratio stood at 248.9% while it had gone beyond the limit by 198.9%.

Edo had net revenue of N69.17 billion, total debt of N171.63 billion and debt to revenue ratio of 248.13%. It overstepped the limit by 198.13%.

For Bauchi, the revenue stood at N54.02 billion while the debt stood at N133.48 billion, thereby giving debt to revenue ratio of 247.1%. The state exceeded the limit by 197.1%.

Adamawa had revenue of N49.51 billion, a debt of N119.68 billion and a debt to revenue ratio of 241.73%. It exceeded the limit by 191.73%.

Kaduna had revenue of N68.84 billion, a debt of N154.4 billion and a debt to revenue ratio of 224.26%. It exceeded the limit by 174.26%.

For Nasarawa, the revenue stood at N47.55 billion while the debt stood at N103.53 billion. The state exceeded the 50% ratio by 167.73%.

Imo had revenue of N54.18 billion, a debt of N117.05 billion and a debt to revenue ratio of 216.04% and therefore exceeded the limit by 166.04%.

Oyo had revenue of N59.29 billion, a debt of N123.75 billion and a debt to revenue ratio of 208.72%. It exceeded the limit by 158.72%.

However,  states like Yobe, Jigawa, Katsina, Sokoto and Bayelsa have the least debt to revenue ratios.

Yobe had revenue of N36.21 billion, a debt of N52.87 billion and a debt to revenue ratio of 68.48%. It exceeded the limit by 18.48%.

For Jigawa, the revenue stood at N44.99 billion, the debt stood at N60.33 billion and the debt to revenue stood at 74.58%. It exceeded the limit by 24.58%.

Katsina had revenue of N61.65 billion, a debt of N49.93 billion and a debt to revenue ratio of 80.98%. It exceeded the limit by 30.98%.

For Sokoto, the revenue stood at N54.46 billion, the debt N50.64 billion and the debt to revenue ratio, 92.99%. It exceeded the ratio by 42.99%.

Bayelsa had revenue of N153.1 billion, a debt of N147.43 billion and a debt to revenue ratio of 96.29%. The state exceeded the limit by 46.29%.

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