The debt status of most states of the federation exceeds 50 per cent of their annual revenues. For 18 states, the debt profiles exceed their gross and net revenues by more than 200 per cent. Lagos, Osun and Cross River states record over 480 per cent debt to gross revenue.
The Fiscal Responsibility Commission, which stated this in its 2016 Annual Report obtained by our correspondent in Abuja on Monday, said the development was contrary to the guidelines of the Debt Management Office on debt sustainability. Read more