Contrary to the guidelines of the Debt Management Office on subnational borrowing, 23 states of the federation exceeded their borrowing limits in 2015, the Fiscal Responsibility Commission has said. In a report on the states and indebtedness, the FRC said Lagos, Kaduna, Cross River, Gombe, Ekiti, Edo, Ondo and Imo states had borrowed more than 50 per cent of their annual statutory allocations by 2015. Other states in the same boat are Zamfara, Adamawa, Oyo, Abia, Ogun, Taraba, Kebbi, Enugu, Bauchi, Nasarawa, Kano, Benue, Kwara, Katsina and Sokoto. The FRC added that when total revenue (gross statutory allocation plus Internally Generated Revenue) was used as the yardstick for measuring the level of indebtedness of the states, a total of 20 states borrowed more than their total revenues in 2015. The report read in part, “In the light of the DMO’s Guidelines on Debt Management Framework, particularly as it pertains to debt sustainability, the debt to income ratio of states