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Lagos Borrows Over N658bn in Seven Years, Debt Stock Now More Than What States In Four Regions Owe Combined
Economy

Lagos Borrows Over N658bn in Seven Years, Debt Stock Now More Than What States In Four Regions Owe Combined

by  Dave Ibemere 2 min read
  • Debt Management Office has revealed that as of September 2022, Nigeria's stock debt stock rose to N44 trillion
  • The debt stock captured by DMO made up of ones owed by the states, including the Federal Capital Territory and the federal government
  • Lagos is the most indebted borrowed after borrowing N658bn in seven years to increase its debt stock more than what states in four regions owe combined

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The Lagos State government in the last seven years (2015-2022) borrowed a whopping N658.49 billion in the last seven years.

This is according to the latest debt data from the Debt Management Office (DMO) published on its website.

The data showed that as at September 2022, Lagos State's domestic debt stand at N877.03 billion a massive 301.3% increase when compared to N218.53 billion it was at December 2015.

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Lagos debt hit new high
Lagos state government borrowed over N658 billion in seven years from the domestic market. Credit: LASG
Source: Twitter

DMO also said Lagos remains at the top of the list of Nigeria's most indebted states.

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The magnitude of Lagos debt

Analysis done by StatiSense a data company revealed that Lagos makes up 59.7% of the South West (N2.39tn) debts and 19.5% of all the Subnational debts.

It further showed that Lagos state owed a total of N1.43 trillion(including external or domestic debt) as at September 2023.

The report noted that Lagos state total public debt stock is more than what states in four regions owed combined.

  • North West(7 states debt combined)— N958.4bn
  • North East (6 states debt combined)- N841.8bn
  • North Central(6 states debt combined) — N913.8bn
  • South East(6 states debt combined)— N734.4bn

Other highly indebted states

In DMO debt data report as at September 2022, Imo, Akwa Ibom, Cross River and Ogun, Delta ranked among the most indebted states aside lagos.

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  • Delta- N272.61 billion
  • Ogun- N241.78 billion
  • Cross Rivers- N225.50 billion
  • Akwa Ibom- N219.61 billion
  • Imo- N207.52 billion

Rabiu to overtake Dangote as richest man in Nigeria

Meanwhile, the Nigerian billionaire race is becoming more and more interesting as Rabiu Abdulsamad closes in on Aliko Dangote

Abdulsamad is now comfortably the second richest man in Nigeria despite starting the year in third.

Legit.ng analysis shows that Rabiu's wealth growing at N3.4 billion daily has helped him close the gap.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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