5 Nigerian States Owe 34% of the $5.34 Trillion Total Domestic Debt
- Lagos, Ogun, Delta, Imo, and Akwa Ibom States are Nigeria’s most indebted states
- The states owe 34% of states $5.34 billion in domestic debts, according to DMO
- The least indebted states in Nigeria are Jigawa, Katsina, Kebbi, and Nasarawa
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Five Nigerian states hold more than a third of the total domestic debt owed by state governments in Nigeria.
The highest indebted states are Lagos, Delta, Ogun, Akwa Ibom, and Imo.
Source: UGC
Lagos owes the most in domestic debt
The Debt Management Office (DMO) said the total domestic debt owed by 36 state governments and the Federal Capital Territory went up by N879.50 billion in 2022 to N5.337 trillion as of December 2022.
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The debts of the five states represent a 16.47% increase from N4.488 trillion as of the end of 2021.
Lagos owes N807.20 billion of domestic debt, while Delta State has about N304.24 billion.
Ogun State comes third with a total domestic debt of N270.45 billion, and Akwa Ibom and Imo state owe a combined domestic debt of N219.26 billion, respectively.
Jigawa state leads the list of the least indebted states in Nigeria
Jigawa State owes the least debt of N43.95 as of December last year, Followed by Kebbi State.
Other least indebted states are Katsina, Nasarawa, and Ondo, with domestic debts of N62.37 billion, N71,43 billion, and N77.15 billion, respectively.
Jigawa had the least debt of N43.95 billion as of December, followed by Kebbi (N61.31 billion). Others are Katsina, Nasarawa, and Ondo, with domestic debts of N62. 37 billion, N71.43 billion and N77.15 billion respectively.
Analysts say most state governments have accumulated vat and unsustainable debts, affecting their ability to meet financial obligations, a BusinessDay report says.
Top 28 Nigerian state governors with the highest debt in 2022, 11 leave massive debts for successors
Legit.ng reported that about 28 governors leaving office in May 2023 or seeking re-election, including the Minister of the Capital Territory, have amassed about N5.8 trillion in sub-national debts.
The figures are based on the Debt Management Office (DMO) reports on sub-national debts.
They include Governors Mohammed Yahaya of Gombe; Babagana Zulum (Borno); Abdullahi Sule (Nasarawa); Seyi Makinde (Oyo); Mai Buni (Yobe); Bello Matawalle (Zamfara); Babajide Sanwo-Olu (Lagos); Ahmadu Fintiri (Adamawa); Dapo Abiodun (Ogun); Bala Mohammed (Bauchi) and Abdulrahman Abdulrazak of Kwara state.
Source: Legit.ng
