Thirty-six states and the Federal Capital Territory (FCT) accumulated a total debt stock of N10 trillion, representing a 38.1 percent increase from N7.25 trillion recorded in 2022, according to a report issued by BudgIT.
BudgIT, a prime civic-tech organisation leading the advocacy for fiscal transparency and accountability in Nigeria, in its 2024 edition of its ‘State of States Report,’ noted that the growth in debt profile was partly driven by a N606.12 billion increase in domestic debt, resulting in an average year-on-year growth rate of 1
