State governments owe $3.3bn foreign debts – Senator

The Chairman of the Senate Committee on Local and Foreign Debts, Senator Shehu Sani, has raised the alarm that the state governments owe $3,271,960,461 foreign debts.

Sani said in a statement on Saturday that most of the debts were loans collected to provide infrastructure or to create investment opportunities and that many of them might take up to 50 years to service.