By Ubong Sampson – Uyo
Report has presented Akwa Ibom State as the second most indebted State in Nigeria.
This is contained in the recent data released by Debt Management Office (DMO) for the second quarter of 2021 which reveals the states account for six percent of Nigeria’s total subnational domestic debt.
The domestic debt of the oil rich State has climbed to N247.27 billion. Akwa Ibom State is only second to Lagos State whose N533.81 billion domestic debt accounts for 13 percent of the total subnational debt of the country. With the new profile, Akwa Ibom State is now the most indebted State in Niger Delta.
In the first quarter of 2021, Akwa Ibom State stood as third most indebted State in Nigeria after Rivers State and Lagos. However, in the second quarter of the year, Rivers State has left the front-line by an inch to her neighbour with a debt profile of N213.17 billion representing 5 percent of the total subnational debt of the country.
Recently requests for loans to fund the budget and the controversial approvals by the State Legislature has been a top burner issue in Akwa Ibom State.
