How Delta state topped debtors’ table in Niger Delta …as Okowa borrows over N378b in six months
The Nigerian Debt Management Office (DMO), has said that Governor Ifeanyi Okowa led Delta state Government owes the highest domestic debt figures among the six Niger Delta states as of June 30, 2022.
According to the Debt Management Office (DMO), Delta State debt skyrocketed within the three months period from N163, 478,454,259.54 in March to N378,878,236,830.76. This represents an over 100 percent increase from March to June this year.
ALSO READ: How Okowa received largest share of 13% derivation fund in six months, got N114.75billion
The Debt Management Office indicates that Rivers is the second in the region with a debt stock of N225, 505,011,356.55. The DMO said Rivers State’s debt figure was as at September 30, 2021. No reason was given for the refusal of the South-South State to update its debt profile over a year ago.
GbaramatuVoice gathered that Akwa Ibom is the third on the debtors list, having borrowed a total of N203, 951,611,822.07. This is a slight increase from the N203, 112,373,546.77 it had in the first quarter of the year.
DMO further noted that Cross River has a debt profile of N176, 086,197,586; Bayelsa is owing N150 Billion, while Edo, lowes N112.1billion,
It could be recalled that National Bureau of Statistics (NBS), in an earlier report stated that oil-producing states in Nigeria received N377.93 billion as 13 percent oil derivation fund in the first half of 2022. Of the above amount, Delta state got N114.75 billion, about 30 per cent as its share from January to June 2022.
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