Regulatory Alerts2009-09-10 | ACGSF70Fully Repaid ACGSF Loans, August 2009
Based on the provided data, Lagos State has the highest cumulative total of loans fully repaid at NGN 1.6 trillion (about USD 3.75 billion). This is followed by Kano with NGN 400 billion (approximately USD 963 million) and Rivers State with NGN 288.3 billion (around USD 687 million). The cumulative total of loans fully repaid across all states from inception (1978) to August 2009 was NGN 16.9 trillion (approximately USD 41.75 billion). The Federal Government of Nigeria borrowed money for various purposes such as infrastructure development, healthcare, education, and agriculture. This data only captures loans fully repaid by the respective states. It does not include outstanding loans or loans still in progress. The data is analyzed based on states' contributions to the cumulative total. It should be noted that the Central Bank of Nigeria (CBN) does not directly lend money to state governments, rather it provides funding through various financial institutions such as commercial banks and development finance institutions.