The Debt Management Office (DMO), has announced that Rivers, Lagos and Akwa Ibom states are the three most indebted states in the country.
According to the latest data released by the commission, the amount owed by the Federal and state governments rose to 4.190 trillion, at the end of the third quarter of last year.
It stated that Rivers State has a total domestic debt stock of N266.94bn, which represents 6.37 per cent of the country’s sub-national domestic debt stock.
The International Monetary Fund had in December, said that Nigeria needed significant revenue mobilization, including thorough tax policy and administration improvements, in order to reduce debt vulnerabilities and fiscal risks.
