States accumulate N1.06tn debt backlog despite record FAAC windfall – BudgIT report

Hallmarknews | 24-11-2025 08:25pm |

Nigeria’s state governments accumulated a staggering N1.06tn in unpaid obligations to contractors and retirees in 2024, despite receiving the highest federal allocations in the country’s history, according to BudgIT’s latest State of States report. The civic organisation revealed that contractor debts amounted to N434.87bn, while pension and gratuity arrears stood at N626.81bn, exposing severe fiscal

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