By Richard Ndoma, Leadership Newspaper
Chairman of the Fiscal Responsibility Commission, Mr. 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 the FRC Chairman, is the debt profile for the zone as of December 31, 2021.
Mr. Muruako gave the figure during an awareness and sensitization program/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 desire 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.
“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 of N26,499.