Report says states paying outgoing governors huge pensions owe N3 trillion debt
Written by Joey Shekwonuzhibo on May 15, 2023
No fewer than 18 outgoing state governors will retire into lives of luxury with generous pension benefits despite mounting debts and unpaid workers’ salaries.
Reports have now shown that the governors, who will hand over to their successors on May 29, 2023, would be leaving behind at least N3.06 trillion debt for the incoming administrations.
According to data from the Debt Management Office, the debt figure of these states included N2.27 trillion domestic loans and $1.71 billion foreign borrowing.
The foreign debt is about N787.51bn, using the exchange rate of the Central Bank of Nigeria, which was N460.53 per dollar as of May 14, 2023.
The outgoing governors include Nyesom Wike of Rivers State, Ifeanyi Okowa, of Delta State, Udom Emmanuel of Akwa Ibom State, Abdullahi Ganduje of Kano State, and five others.
