NIGERIA Extractive Industries
Transparency Initiative (NEITI) says
that the debt burden of the thirty six
states of the federation has risen to
over N3.342 Trillion as at 2016.
Lagos, Delta, Osun and Akwa Ibom
topped the debt chart with a total debt
profile of N1.262 trillion representing
about 38% of debts owed by the 36
States of the Federation.
The break down shows that Lagos
was indebted to the tune of N603.25
billion, Delta owes N331.95 billion,
Osun and Akwa Ibom are indebted
to the tune of N165.91 billion and
N161.23 billion respectively, as at 2016.
This information was contained in
the third edition of NEITI Quarterly
Review, a researched publication
of Nigeria Extractive Industries
Transparency Initiative which focused
on Federal Accounts Allocation
Committee (FAAC) disbursements in
The publication with facts and data
from the National Bureau of Statistics,
Office of the Accountant General
of the Federation, FAAC and Debt
Management Office, is consistent with
the mandate of NEITI on monitoring
of fiscal allocation and statutory disbursement of revenues due to the
three tiers of government.
NEITI’s legitimate interest in the
debt profiles, revenue generation
and management in Nigeria is as a
result of the fact that over 70% of the
revenues involved are derived from
the extractive industry.
From the NEITI Quarterly Review
currently in circulation, states with
high debt burden include Benue
indebted to the tune of N49.15 billion;
Edo N94.54 billion; Enugu N57.56
billion; Ekiti; N67.3 billion and Kano;
N81.05 billion. The Publication further
disclosed that Katsina was indebted to
the tune of N30.03 billion while and
Ogun owes N103.75 billion, as at 2016.
A table containing the total revenue,
the internally generated revenues
and debt profile of the 36 States of the
federation is accompanied.
The NEITI Quarterly review shows
that Yobe and Anambra states have the
least debt burden of N11.74 billion and
N20.60 billion respectively as at the
end of 2016.
The NEITI publication also expressed
concern that the total indebtedness
of N3.342 trillion by the 36 states
represented 55.15 per cent of the 2016
budget of N6.06 trillion and 45.8 per
cent of the 2017 budget estimates of about N7.3 trillion.
On Internally Generated Revenue
(IGR), Lagos and Rivers states
ranked highest with N301.2 billion
and N82.1 billion generated by the
respective States in 2016.Nassarawa
State was the least in internal
generated revenue with N2.09Billion.
This was followed by Ogun,
Delta, Kano and Edo states with
IGR records of N56.3 billion, N44.9
billion, N34.5 billion, N20.7 billion
The review noted that ratio of
IGR to budget was very low in
most states except Lagos state that
recorded more than 45% of its 2016
budget from IGR.
The review also showed high
dependence on revenue from
federation account except Lagos and
Ogun states that recorded higher
IGR than FAAC allocations within
the period under review.
The NEITI Quarterly Publication
is designed to bring this information
to the public domain with a view
to promoting informed debate
on strategic options to promoting
efficient revenues management,
improved internally generated
revenues and lessen the dependence
on oil, gas and mining revenues
NIGERIA Extractive Industries