“N97trn Debt Stock”: Lagos, Delta Top List of Nigerian States with Highest Domestic Debt
- Lagos, Delta, and Ogun states are the top three states with the highest domestic borrowings in 2023
- Nigeria’s 36 states and the Federal Capital Territory jointly owe about N5.862 trillion in domestic debt as of December 31, 2023
- The development comes as Nigeria’s national debt hit about N97 trillion in 2023 from N87 trillion recorded in 2022
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The latest data by the Debt Management Office (DMO) says the total domestic debt stock of Nigeria’s 36 states and the Federal Capital Territory (FCT) stood at N5.862 trillion as of December 31, 2023.
The development represents an increase from the N5.337 trillion recorded the previous year.
Source: Getty Images
Nigerian states increased debts by 9.83%
The DMO said that between December 2022 and December 2023, the domestic debt of the 36 states and the FCT witnessed an increase of 9.83% every year.
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The 10 states with the highest domestic debts
10. Bauchi: N160.80bn
The state’s domestic increased from N143.63 billion in 2022 to N160.80 billion by December 2023, an increase of N17.17 billion during the period under review.
9. Plateau: N173.93bn
The state saw an uptick in domestic borrowing from N149.01 billion in December 2022 to N173.93 billion towards the end of 2023, an increase of N29.91 billion.
8. Benue: N187.18bn
Benue state witnessed an increase in domestic debt by N45.88 billion from N141 billion recorded in 2022 to N187.18 billion in 2023.
7. Akwa Ibom: N190.47bn
The state's domestic borrowings decreased in 2023 from N219.26 billion in December 2022 to N190.40 billion by the end of 2023.
6. Imo: N217.11bn
Imo state increased its domestic debt to N217 billion in 2023 from N204.22 billion recorded in 2022, an addition of N12.88 billion.
5. Cross River state: N220.20bn
The state witnessed a surge in domestic debt from N197.21 billion in 2022 to N220.20 billion towards the end of 2023, an increase of N22.99 billion.
4. Rivers: N232.57bn
Rivers state saw an uptick in domestic borrowing from N225.50 to N232.57 billion as of December 2023.
3. Ogun: N278.67bn
Ogun state witnessed an upsurge in domestic borrowings by N8.22 billion from the N270.45 billion recorded in 2022 to N278.67 billion in 2023.
2. Delta: N373.40bn
Delta state is one of Nigeria’s most indebted states, with a staggering domestic debt of N373.40 billion as of December 2023 from N304.24 recorded in 2022. The state saw an increase in its domestic debt by N69.16 billion.
1. Lagos State:
Lagos is the most indebted state in Nigeria, with a massive N1.048 trillion as of December 2023 from the N807.20 billion recorded in 2022.
The state increased its domestic debt by N241.49 billion in 12 months.
Nigeria's debt stock hits N97 trillion in 2023
A recent report by Legit.ng shows that Nigeria’s debt stock ballooned to a staggering N97 trillion as of December 2023 from N87 trillion.
The Debt Management Office (DMO) stated that the country serviced its external debts with $5 billion in 2023.
Reports say that the agency revealed domestic borrowings by the Nigerian government and the 36 states were responsible for the current debt stock as Nigeria battled a budget deficit.
Nigeria's most indebted geopolitical zones
Legit.ng earlier reported that according to data from the Debt Management Office (DMO), Nigeria's total debt stock has hit over N41 trillion as of March 2021.
The breakdown of the debt, tabulated by Legit.ng shows that the various states in Nigeria contribute immensely to the national debt stock.
According to reports, Nigeria's total public debt stock rose from N39.56 trillion in December 2021 to N41.60 trillion, $100.07 billion in the first three months of 2022, January to March, the Debt Management Office (DMO) revealed yesterday.
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Source: Legit.ng
