FIVE states have been named the top domestic debtors in the country. The states included; Lagos, Ogun, Rivers, AkwaIbomand Imo with N1.56 trillion debt combined while Jigawa, Ebonyi, FCT, Kebbi, Nasarawa, Anambra and Kaduna were among the states with the least domestic debt stocks.
The Debt Management Office(DMO), made the revelation as the domestic debts owed by state governments and the Federal Capital Territory Administration(FCTA), rose to N6.43 trillion at the end of 2021.
“While sub-national domestic debt stock was N4.46 trillion, the sub-national external debt stock was N1.97 trillion at the end of the same year.
According to the latest data from the Debt Management Office, Lagos, Ogun, and Rivers States emerged as the three most indebted states.The N4.46 trillion domestic debt represents 11.27 percent of the country’s domestic debt stock of N23.70 trillion as at December 2021, up from N20.21 trillion in the previous year.
“The five states account for 34.98 percent of the total domestic debt owed by the sub-national governments in the country, as at December 31, 2021.
“Lagos State owes N658.96 billion, Ogun N232.62 billion, Rivers N225.51 billion, AkwaIbom N214.61 billion and Imo State N205.19 billion as at Q4 2021.
However, according to the DMO, the domestic debt stock figures for Rivers State were as at September 30, 2021. This also applies to Benue, Enugu, and Kano States.
“Other states with high domestic debts included: Cross River, with a debt of N159.82 billion; Delta, N154.61 billion; Bayelsa, N154.61 billion; Plateau, N150.5 billion; Oyo, N142.56 billion; and Osun, N134.70 billion.
“Benue with a domestic debt stock of N128.35 billion; Kano, N111.9 billion; Zamfara, N99.94 billion; Adamawa, N99.55 billion; Bauchi, N97.51 billion; Borno, N95.63 billion; Abia, N95.21 billion; Kwara, N93.37 billion; and Taraba, N93.18 billion.
“The states with the least domestic debt stocks included: Jigawa, with a debt of N31.36 billion; Ebonyi, N42.16 billion; FCT, N50.65 billion; Kebbi, N52.33 billion; Nasarawa, N54.1 billion; Anambra, N55.72 billion; Kaduna, N61.71 billion; Enugu, N69.17 billion; and Gombe, N69.13 billion.
“Others wereKogi, N70.66 billion; Sokoto, N71.29 billion; Edo, N78.9 billion; Niger, N83.4 billion; and Yobe, N82.46 billion.
“In foreign debts, Lagos State leads with $1.33 billion; followed by Kaduna State, with $595.12 million; Cross River State $279.71 million, and Edo State with $276.3 million”.