Nigeria’s Oyo state government borrowed ₦62 billion in the first nine months of 2024, according to a report, even as the southwestern state spent ₦20.5billion on public debt charges in the same period of time.
Put into context, Oyo spent 44.4% of its internally generated revenue in the first nine months of 2024 on debt servicing.
Further review shows that the state spent only ₦2.9 billion on its education, science and technology sector capital needs in the first nine months of 2024 and spent ₦20 billion on public debt charges, according to the state budget performance document.
Only ₦43.6 million was spent on the state’s health ministry capital needs in the first nine months of 2024, ₦3.5 million was spent on the rural water and sanitation agency capital needs in the period under review.
Only ₦59.8 million was spent on rehabilitation/repairs of water facilities.
Nothing was spent on rehabilitation/repairs of hospitals/health centres.
The analysis further showed that the state spent N10 billion on rehabilitation/repairs of roads which is just half of what was spent on debt charges.
Other developments that suffered include erosion and flood control which took only ₦200 million.
Large loans has left states with high debt servicing figures which experts say deny citizens of enjoying meaningful developments.
Sahara Reporters contributed to this report