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Domestic Debt: Kwara State Borrows ₦110 Billion From March To June 2022

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.Kwara Govt Borrowed Additional N6Bn between March and June,2022- Report*

 

Latest Report coming in from the Debt Management office of Nigeria indicated that between March 31st and June 30th , 2022, the debt profile of Kwara state has jumped to one hundred and ten Billion , five hundred and twelve millions , two hundred and twenty one thousand , eight hundred and eighty one naira and sixty four kobo ( N110,512,221,882.64k).

 

This shows that between the said period of just three months , (March -June,2022), Abdulrazaq Govt has borrowed additional six Billions naira(N6bn) making the state’s debts standing to grow from the initial N104bn it was as at 31st March, 2022 to N110.5bn as at June, 30th, 2022.

 

It is wothty to note that before 2019 , Governor Abdulrahaman Abdulrazaq inherited a financially active state with total domestic debt pegged at N59.5bn . This was the figure of kwara domestic debt since its creation in 1967 to 2019. It is also an indication of prudent financial management by successive administrations that preceded the incumbent which seems to major on borrowing away the future of the state.

This shows that Kwara state Governor, Mallam Abdulrahaman Abdulrazaq has borrowed more than N60 billion in just three years of his administration, a figure of debt that is more than doubled of the entire debt borrowed by successive government from year 1967 to 2019

 

Meanwhile , Mallam Abdulrahaman Abdulrazaq, despite this reckless borrowing has not commission a single worthwhile project since he came to office . But his counterpart, Governor Hope Uzodima of Imo who resumed office six months after him had had invited President Muhammadu Buhari to Imo state for project commissioning on two different occasions.

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Some states who are neighbours to kwara , including Kogi state have witnessed reduced borrowing in the last four years, for instance Kogi as at 2019 was owing N105.13bn as domestic debt figure compared with this year when the debt figure dropped dtastically to N90.53bn . Same goes for Kaduna which has reduced its borrowing from M97.26bn it was in 2019 to N78.19bn today .

 

Also Rivers State was owing N266.93bn as at 2019 compared to N225.50bn today while Nassarawa which was pegged at N89.9Bn in 2019 reduced its debt to N72.9B. In Akwaibom, the debt profile as at 2019 was N206.41bn but have been reduced to N203.95bn while FCT had

N132.1bn in 2019 was reduced to N75.7bn in 2022 .

 

See extract below from DMO Report .

 

States 2019debt 2022debt

 

FCT N132.1bn N75.7bn

 

Nassarawa N89.9b N72.9b

 

Kwara N59.5bn N110.52b

 

AkwbomN206.41b N203.95b

 

Rivers N266.93b N225.50b

 

Kaduna N97.26b N78.19b

 

Kogi N105.13b N90.53b

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African News · News

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