Sixteen first-term governors will be confronted with a total debt of N2.9 trillion bequeathed to them by their predecessors in office, as they assume office on May 29, 2023.
The amount comprises an aggregate domestic debt of N2.2 trillion and $1.6 billion external debt as of December 31, 2022, according to data by the Debt Management Office (DMO).
The external portion was converted to Naira using an exchange rate of N465/US$1 to arrive at N753 billion.
With the exception of the South-West, all the geo-political zones are represented in the humongous debt accumulation by the states where first-term governors are assuming office under a new political dispensation.
Three states in the South-East where new governors are coming on board include Abia with a domestic debt of N103.8 billion, and external debt of $94.3 million. The new governor is Alex Otti of the Labour Party.
Ebonyi, where Nwifuru Francis Ogbonna of the All Progressives Congress (APC) will assume office on May 29, has a total domestic debt of N76.5 billion and external debt of $58.6 million.
Its sister State – Enugu – where Peter Mba of the Peoples Democratic Party (PDP) will become the new occupant of the Government House, is saddled with a domestic debt of N91.9 billion and $120.9 million foreign debt.
The South-South has four states in the league – Akwa Ibom, Cross River, Delta and Rivers.
Akwa Ibom with Eno Umo Bassey of the PDP as the new governor has a domestic debt of N219.3 billion and $44.9 million external debt; while Cross River has $209.6 million external debt – the second highest among the 16 states, and N197.3 billion domestic debt. Its new governor is Otu Bassey Edet of the APC.
Delta, where Oborevwori Orohwedor of the PDP is succeeding Ifeanyi Okowa as governor, has accumulated domestic debt of N304.3 billion – the highest among the 16 affected states and an external debt of $59.9 million.
Data by the DMO showed that the incoming Rivers governor, Siminalayi Fubara (PDP), will be confronted with a domestic debt of N225.6 billion and the external component of $87.2 million to battle with as he assumes office on May 29.
Three North-West states in the league of first-term governors include Jigawa which has a domestic debt of N44 billion and external debt of $27 million, with Namadi Umar Alhaji of the APC, as its new governor, while Katsina is carrying a domestic debt of N62.4 billion and $573.8 million external debt – the highest among the 16 states. The new governor is Umaru Dikko Radda of the APC.
Kano new governor, Yusuf Abba Kabir also of the APC will be confronted with N122.4 billion and $100 million domestic and external debts respectively as he assumes office on May 29.
In North-Central zone, the new governor of Niger state, Mohammed Umaru Bago of APC will be inheriting a domestic debt of N95.6 billion and external debt of $69.3 million, while Mutfwang Caleb Manasseh of the PDP will take over the reins of power in Plateau where he will be welcomed with N149 billion and $32.4 million domestic and external debts respectively.