State Governments Raise N520bn Debt in Five Years

Sixteen states of the federation have raised bonds totalling N520 billion in the last six years without clear outlines on how the funds were used, THISDAY investigation has revealed.

This is against the backdrop of massive unemployment and infrastructural deficit across the country, which the debts could have addressed.

Specifically, the 16 state governments were found to have raised the bonds without their citizens’ understanding of what the funds are meant for. Continue Reading