Nigeria, Nov. 28 -- State governments may experience a financial crisis due to the foreign currency crisis due to their low internally generated revenue (IGR) and high debt payment expenses.

As of December 2023, the entire domestic debt of 36 states and the Federal Capital Territory (FCT) was N5.86 trillion, while the total foreign debt was $4.61 billion, according to THE NEWS CHRONICLE's study of state debt profiles, which was released by the Debt Management Office (DMO).

The entire amount of domestic debt owed by the FCT and all 36 states, which was N4.267 trillion at the end of June 2024, fell precipitously, according to TNC. Nonetheless, the 36 states and the FCT's total foreign debt increased from $4.61 billion in December 2023 to ...