States' debt reaches ₦11.4tn as federal allocations increase The total debt of Nigerian states has risen to ₦11.47 trillion as of June 30, 2024, reflecting a 14.57% increase from ₦10.01 trillion in December 2023. This surge comes even as allocations from the Federation Account Allocation Committee continue to rise, according to data from the Debt Management Office's latest public debt report. The increase in state debt was largely driven by a sharp rise in external debt, compounded by the naira’s devaluation. External debt for the states and the Federal Capital Territory rose from...