…shocks, declining development assistance and fiscal pressures. The World Bank said state revenues rose about 93% in real terms between 2023 and 2025, but urged states to improve spending efficiency and invest more in human capital to raise living standards and reduce poverty The Minister of Finance and Coordinating Min…

…for the three tiers of government, while states received N657.60bn. The increase in state revenues makes the rise in debt stocks particularly significant, as it raises questions about whether higher federal transfers are translating into lower borrowing requirements across all sub-national governments. However, the deb…