Nigeria's Fiscal Responsibility Commission has said not fewer than 23 states have exceeded their borrowing limit in 2015 by limit contrary to stipulated guidelines. In a report on the states and indebtedness, the FRC said listed the states as follows: 1. Lagos, 2. Kaduna, 3. Cross River, 4. Gombe, 5. Ekiti, 6. Edo, 7. Ondo 8. Imo states had borrowed more than 50 per cent of their annual statutory allocations by 2015. Other states in the same boat are 9. Zamfara, 10. Adamawa, 11. Oyo, 12. Abia, 13. Ogun, 14. Taraba, 15. Kebbi, 16. Enugu, 17. Bauchi, 18. Nasarawa, 19. Kano, 20. Benue, 21. Kwara, 22. Katsina and 23. Sokoto The FRC said in the light of the DMO’s Guidelines on Debt Management Framework only 20 states exceeded the threshold of 50 per cent of their total revenue – gross statutory allocation plus Internally Generated Revenue. Lagos exceeded the threshold of 50 per cent of its gross statutory allocation by well over ...