Politics

Domestic debt: Ogun State borrows over N58 Billion in 18 Months

Domestic debt: Ogun State borrows over N58 Billion in 18 Months (Updated: Sunday, 4th April 2021, 08:53 AM)


A report published by the Debt Management Office has revealed that the Ogun State Government borrowed N58billion as domestic debt in 18 months.

The latest report, which was released on March 15, indicated that Ogun State domestic debt stock was N153,490,666,025.15 as of December 30, 2020.

However, the DMO had earlier reported that Ogun was owing to total domestic debt of N95,174,172,678.30 as of June 30, 2019, a month after the incumbent Governor Dapo Abiodun government came on board.

The DMO report simply signifies that from June 30, 2019, to December 30, 2020, the Ogun State Government under Gov Abiodun has acquired a total of N58,316,493,347 debt locally.

Findings by Our Source confirmed that money borrowed domestically by the State stood at N97billion on March 31, 2019, two months before former Governor Ibikunle Amosun left office.

The DMO was established to centrally coordinate the management of Nigeria’s debt.

The office said the domestic debt data report was generated from the signed-off submissions received from each state.

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