Posted 4/7/2024, 6:52:00 PM
Northern Nigerian States Seek Over N240 Billion in New Loans, Raising Debt Concerns
- Kaduna, Katsina, and Kano states plan to borrow a total of N240 billion in 2024
- Kaduna plans to borrow the most at N150 billion, all from international sources
- The new loans will significantly increase the debt portfolios of the states
- Kaduna plans to source 34% of its 2024 revenue from loans, the highest of the 3 states
- There are concerns about the rising debt levels and inability to pay back loans due to low internally generated revenue