A review of the Oyo State budget performance document for the third quarter of 2024, has shown that the state spent N20billion on debt servicing.
The money was spent between January and September, 2024.
The foreign debt servicing portfolio stood at N6.5 billion, domestic debt servicing stood at N13.9 billion in the period under review.
The money is however more than what the state spent on critical infrastructures within the state.
For instance, document review shows that construction/provision of hospitals/health centers stood at zero naira in the nine month period under review, construction/provision of public schools stood only at N2.6 billion, construction/provision of infrastructure stood at N16.9 billion.
While the state spent N20 billion on debt servicing, it spent only N10.8 billion on rehabilitation/repairs of roads, rehabilitation/repairs of markets/parks stood at N3.5 billion.
Also, rehabilitation/repairs of water facilities stood only at N59 million.
Infact the state only spent N7 billion more on construction/provision of roads than it spent on debt servicing with only N27 billion spent on construction/provision of roads, while debt servicing took N20 billion.
The state heavy expenditure on debt servicing comes even as 79% of the state households are said to lack access to sanitary facilities, another 57% also lack access to clean drinking water.