South-South Domestic Debt Hits N988bn, Foreign Debt $873.3m

Chairman of the Fiscal Responsibility Commission, Victor Muruako has disclosed that domestic debt owed by six states in the South-South geo-political zone of Nigeria has reached N988.06 billion while the zone’s foreign debt stood at $873.3 million.

The figure, according to Victor Muruako, is the debt profile for the zone as at December 31, 2021.

The FRC chairman gave the figure during an awareness and sensitization programme/workshop on transparency and accountability which is ongoing in Calabar, the Cross River State capital.

Speaking at the three-day workshop with the theme: “Sustaining the gains of fiscal transparency and accountability in states,” FRC chairman who was represented by Zelani Mohammed stated that the region is punching below its capabilities in key areas that need improvement and also offered to assist any of these states which desires help.

In his words, the FRC boss said, “An analysis of fiscal fundamentals of states of the South-South geopolitical zone, as of December 31, 2021 reveals a total domestic debt of N988.06 billion and total foreign debt of $873.3 million.

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“A deeper look into the fiscals indicates an IGR per capita of N8,907; total debt per capita of N44,333; and capital expenditure per capita N26,499.

“While the statistics can have different interpretations, it is clear that with a population of over 33 million people, which is larger than that of our closest anglophone neighbour, Ghana (31.73 millon), it goes without saying that the region is punching below its strategic capabilities in key areas.

“We can do more by way of IGR, for instance. We can do more by way of capital expenditure. We can improve fiscal sustainability.

“The commission is glad to work with any state that wants help. As a matter of fact, the Act setting up the Commission mandates us to offer such technical assistance”, he said.

The chairman charged state governments to sustain platforms for advice with questions on public finance management from their citizens stressing that in the abundance of advice, there is safety.