Anambra State Governor, Prof Charles Soludo on Tuesday lamented that the state’s finance was in a poor state as his administration inherited a debt of N109 billion.
Prof Charles Soludo began a 4 year tenure with a debt profile of N109 billion and N300 million cash, inherited from his predecessor, Willie Obiano. The former CBN governor also stated that the state treasury is not encouraging.
Governor Charles Soludo said his administration has plans to increase the state’s revenue in order to improve the infrastructure and development of the state. The possibility of Prof Soludo improving the revenue generated by the state is relatively high, as in five years (2016 to 2020), Anambra State grew its internally generated revenue (IGR) by 61.3 percent.
Nigerian States Debt
Anambra state debt profile compared to other states is not the worst in Nigeria. Commercial states such as Lagos, Akwa-Ibom, and Rivers lead the way with the highest debt of a combined N993.32 billion. In total, the 36 Nigerian states, including the Federal Capital territory, owed N4.2 trillion. This value is 23.04% of Nigeria’s domestic debt as of 2021.