The proposal comes amid a severe foreign exchange volatility, which state officials claim has significantly hampered their ability to service existing debts.
Akintunde Oyebode, Ekiti state commissioner of finance, said the financial strain caused by rising exchange rates has escalated the costs of foreign debt repayments. “Furthermore, he raised concerns on the amount deducted as savings from the revenue for the month, and noted that the balances of the sub-nationals had reduced tremendously as a result.”
“He advised that in view of the tight financial situation of the Sub-nationals, some of the proposed deductions should be suspended including repayment for multilateral loans.
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