Oyo state government’s debt stands at a combined debt (foreign and local) of $359 million, according to the Debt Management Office report seen by InsideOyo.com.
The report shows that Oyo’s foreign debt amount to $105 million while Domestic debt is at N91.5 billion (about $254 million), as at December 2018.
Further analysis of the report by InsideOyo.com shows that Oyo state government is the 9th most indebted states on Foreign loans in the country and the 22nd most indebted states on local loans.
As of December 31, 2018, Nigeria’s total Public Debt stood at N24.387 trillion or USD79.437 billion representing a year-on-year growth of 12.25%.
The Debt Management Office (DMO) said the Federal Government has also projected in the 2019 budget to borrow N1.6 trillion to finance the budget deficit.
Last month, InsideOyo.com also reported that Oyo state government received the sum of N5 billion as total net allocation from the federation account in February 2019 for the revenue generated in Janaury 2019.
