2023 Budget Review: Kano, Zamfara Among Five North-West States That Spent Over N81 Billion To Service Debts 

The budget performance review for 2023 has indicated that five North-Western states in Nigeria allocated over N81 billion towards servicing their debts.

WikkiTimes, which reviewed the budget documents, reported that the states were Kano, Zamfara, Katsina, Jigawa, and Kaduna.

It also found that these states in the northwest owe a total of 610.1 billion naira in debts by the end of 2023.

According to the review, Kano State tops the list for domestic debts, owing a staggering sum of N122.3 billion, trailed closely by Zamfara at N110.5 billion, while Jigawa holds the lowest domestic debt at N42.7 billion.

Analysis of external debt data revealed Kaduna State to be the highest debtor, with records from the debt management office indicating a debt of $587 million at the end of 2023, while Jigawa State maintains the lowest external debt in the region, standing at $25 million.

Public debt charges are mostly the interest payments made on debts that states have built up.

According to experts, the utilisation of billions of naira from state funds for these purposes obstructs development, underscoring the need to redirect resources towards more beneficial endeavours.

The region’s heavy dependence on federal allocation funding has raised concerns, often resulting in states resorting to loans for survival.