DEBTS EXCEED STATUTORY REVENUES IN 32 STATES, SAYS FRC
Written by thereachfm on March 1, 2019
The consolidated debts of 32 states of the federation exceeded their gross statutory revenues in 2017, a report of the Fiscal Responsibility Commission(FRC) has shown.
As of December 2017, the 36 states of the federation had total public debts of N4.5tr while they had gross statutory revenues totalling N2.09tr and net revenues totalling N1.73tr.
It also means that the states spent a total of N359.32tr or 17.12 % of their statutory revenues to service their debts within the one year period.
According to analyses presented by FRC, all the states of the federation except Anambra, Katsina, Sokoto and Yobe had debts to statutory revenues exceeding 100 %