The 17 newly-elected governors face an uphill task to stimulate the economics of their respective states as they will inherit at least N2.1tn in domestic debts and $1.9bn in external debts from their predecessors.
Investigations showed that some of the first term governors-elect would also be confronted by many months of unpaid workers’ salaries and mounting pension liabilities amidst agitation for the implementation of the nationally agreed minimum wage, rising inflation, escalating prices of goods and services, and dwindling purchasing power.
Following the governorship election that was conducted in 28 out of the 36 states of the federation on March 18, 2023, a total of 16 governors-elect emerged to take over from their predecessors, who will complete their constitutionally approved second term in office, while a first time governor lost his re-election bid to the candidate of an opposition party.
As of September 30, 2022, the Debt Management Office put the country’s total domestic indebtedness at N21,551,924,507,448, while foreign creditors were owed $39.66bn.
