The Debt Management Office of Nigeria has declared Rivers State as the second state with highest domestic debt in the country after Lagos. Lagos tops the list with N444.22 billion while Yobe is the lowest indebted state with N29.29 billion.
According to statement released by the Data Management Office, the state currently owes the sum of N266.93 billion, while the total domestic debt comprising of the 36 states and the FCT stands at N4.1 trillion as at March 2020.
It is, however, not clear whether the debt was incurred by the current administration led by Governor Wike or past administrations.
Meanwhile, stakeholders have blasted state governments of excessive borrowings with little or nothing to show for it. They have also accused managers of state resources of borrowing to enrich themselves.
