Nine major oil-producing states of Delta, Akwa Ibom, Rivers, Bayelsa, Edo, Ondo, Imo, Abia, and Anambra owe N1.56 trillion despite the increase of the N405 billion revenue derivation fund they received from June last year to January this year, in addition to their earnings from the Federation Account Allocation Committee (FAAC).
Their debts increased by over N26 billion from June last year and January this year. Since the Federal Government removed the petrol subsidy mid-last year, states have seen huge increases in their monthly allocations, which have now exceeded N1 trillion. The Domestic Debt Data Report of the Debt Management Office showed that the nine oil-producing states had a total combined debt of N1.56 trillion representing about 25 per cent of the entire debts of the 36 state states and the FCT which stood at N5.7 trillion as of the end of December 2023. A breakdown of the 13 per cent derivation revenue accrued to the nine oil-producing states showed that they shared a total sum of N47.478 billion as a 13 per cent derivation fund in June.
They received N51.545 billion in July, N35.822 in August, N60.733 billion in September, N50.674 billion in October, N44.286 billion in November, N33.406 in December and N85.101 billion in January 2024. The Domestic Debt Data Report of the DMO put the debt of Abia State at N138.6 billion; Akwa Ibom, N190.4 billion as of last December. Anambra’s debt, according to the report, moved up from N73.7 billion in September 2023 to N74.1 billion in December 2023. Bayelsa’s debt moved from N129.3 billion in September 2023 to N151.1 billion by the end of December 2023. Delta State saw its debt move up from N371.4 billion in September up to N373.4 billion in December; while Edo State’s combined debt was put at N123.8 billion at the end of 2023. Imo State had its debt had its debt increased from N217 billion in September to N218.8 in December 2023; while Rivers had N232 billion debt. Ondo State’s debt increased from N71.5 billion in September to N72.7 billion in December.
