The external debt servicing by Cross River State increased over 255 percent in the first half of 2024 to NGN7.87 billion when compared to the NGN2.21 billion used for the same purposes in the first half of 2023.
The increase, a difference of NGN5.56 billion represents a 254.9 percent rise and was calculated using figures obtained from an analysis of the Federal Account Allocation Committee, FAAC data released by the Nigerian Bureau of Statistics, NBS.
The analysis, carried out by NairaMetrics shows that Cross River is among the top three in the ten States with a higher external debt servicing.
Only Kaduna, which saw a 133.4 percent increase from NGN9.89 billion in 2023 to NGN23.08 billion in 2024; and Lagos which witnessed a 92.2 percent increase from NGN16.88 billion in 2023 to NGN32.44 billion in 2024 placed higher in total sums than Cross River.
While Lagos placed first with Kaduna coming in second in terms of sums, Cross River which places third witnessed the highest jump in terms of percentage difference.
The report said Nigerian States have collectively spent about NGN139.92 billion on servicing external debt in the first half of 2024 representing an increase of 122% from the NGN63.06 billion spent in the same period last year.
The States moved from spending around NGN9 billion monthly in 2023 to over NGN20 billion in 2024 which which is more than double likely due to the naira devaluation.
Jonathan Ugbal, Cross River Watch
