No fewer than 18 outgoing state governors will retire into lives of luxury with generous pension benefits despite mounting debts and unpaid workers’ salaries.
The PUNCH investigations showed that the governors, who will hand over to their successors on May 29, 2023, would be leaving behind at least N3.06tn debt for the incoming administrations.
According to data from the Debt Management Office, the debt figure of these states included N2.27tn domestic loans and $1.71bn foreign borrowing.
The foreign debt is about N787.51bn, using the exchange rate of the Central Bank of Nigeria, which was N460.53 per dollar as of May 14, 2023).
The debt figure was as of December 2022, which was the latest figure by the DMO.
The outgoing governors include Nyesom Wike (Rivers State), Ifeanyi Okowa (Delta State), Udom Emmanuel (Akwa Ibom State), Abdullahi Ganduje (Kano State), Badaru Abubakar (Jigawa State), Bello Matawalle (Zamfara State), Ben Ayade (Cross River State), Okezie Ikpeazu (Abia State),and David Umahi (Ebonyi State).