By Ogar Monday
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According to information from the Debt Management Office between January, February, and March, a total of N1.3 billion was deducted from Cross River State’s accrued revenue to offset part of the State’s external debt.
The N1.3 billion is 6.3% of the N21.62 billion external debt deductions from all Nigerian States in the first quarter of 2022, and an increase of 80.6% from the N754.94 million deducted in the same period in 2021.
The Debt Management Office further added that Cross River’s external debt at the end of 2021 stood at $279.71 million.
Nigeria’s commercial capital Lagos, Kaduna, and Cross River recorded the highest deductions during the period, with N7.27 billion, N2.26 billion, and N1.36 billion deducted respectively in the first quarter of 2022. A total of N2.18 trillion was shared amongst the different levels of government and various revenue-generating units between January and March 2022.
External debt is the portion of a country or State’s debt that is borrowed from foreign lenders, including commercial banks, governments, or international financial institutions. These loans, including interest, must usually be paid in the currency in which the loan was made.
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