Investigations showed that the governors, who will hand over to their successors on May 29, 2023, would be leaving behind at least N3.06tn debt for the incoming administrations.

According to data from the Debt Management Office, the debt figure of these states, included N2.27tn domestic loans and $1.71bn foreign borrowing.

The foreign debt is about N787.51bn, using the exchange rate of the Central Bank of Nigeria, which was N460.53 per dollar as of May 14, 2023).

The debt figure was as of December 2022, which was the latest figure by the DMO.

The outgoing governors will be completing two terms of eight years in office on May 28, 2023, and will be entitled to generous monetary pensions, mansions to be built in locations of their choice, luxury vehicles and domestic as well as security aides, among others, based on laws passed by their respective state houses of assembly.

The law provides that three new vehicles should be purchased for former governors, and the vehicles are to be changed every four years.

This is in addition to the payment of 100 per cent of their basic salaries, 300 per cent of their annual basic salary for furniture, free medical services and provision for entertainment. Their deputies also enjoy certain perks.