The domestic debts owed by state governments and the Federal Capital Territory rose to N4.19tn at the end of the third quarter of 2020, with Lagos, Rivers and Akwa Ibom as the three most indebted, according to the latest data from the Debt Management Office.

The N4.19tn debt represents 20.91 per cent of the country’s domestic debt stock of N20.04tn as of Q3 2020, up from N19.65tn in the previous quarter.

The DMO data showed that subnational governments’ domestic debts increased by N484.24m in Q3 2020, while that of the Federal Government rose by N390bn to N15.85tn.

Lagos and four oil-producing states – Rivers, Akwa Ibom, Delta and Cross River – emerged as the top five debtors, with a combined domestic debt stock of about N1.40tn.

The five states accounts for 33.41 per cent of the total domestic debt owed by the subnational governments in the country as of September 30, 2020.

Lagos owed N493.32bn as of Q3 2020, accounting for 11.77 per cent of subnational governments’ total domestic debt.

Rivers has a domestic debt stock of N266.94bn, which represents 6.37 per cent of the country’s subnational domestic debt stock.

Akwa Ibom’s domestic debt stood at N239.21bn, representing 5.71 per cent of the total domestic debts owed by subnational governments as of Q3 2020.

Delta accounts for 5.63 per cent of the total subnational domestic debt, as it owed N235.86bn as of September 30, 2020.

Cross River has a domestic debt stock of N164.10bn. This represents 3.92 per cent of the subnational domestic debt stock.

Other states with high domestic debts include Imo, with a debt of N158.17bn; Ogun, N150.09bn; Bayelsa, N147.89bn; Osun, N134.89bn; and Benue, N128.50bn.

Others are Plateau, with a domestic debt stock of N127.01bn; Taraba, N122.75bn; Kano, N116.99bn; Adamawa, N116.89bn; and Oyo, N99.94bn.

The states with the least domestic debt stocks include Yobe, with a debt of N29.23bn; Jigawa, N36.04bn; Ebonyi, N41.27bn; Katsina, N44.42bn; and Sokoto, N48.09bn.

Others are Anambra, N59.01bn; Nasarawa, N61.29bn; Enugu, N62.44bn; Kwara, N63.37; and Niger, N65.60bn.

The DMO had on Thursday disclosed that the nation’s total public debt stock rose by N1.21tn in Q3 2020 to N32.22tn amid revenue shortfalls.

The domestic debt of N20.04tn comprised 62.19 per cent of the total public debt, while external debt accounted for the balance of 37.81 per cent.

The International Monetary Fund said in December that Nigeria needed significant revenue mobilisation — including through tax policy and administration improvements — to create space for higher social spending and reduce fiscal risks and debt vulnerabilities.

“With high poverty rates and only a gradual recovery in prospect, revenue mobilisation will need to rely initially on progressive and efficiency-enhancing measures, with higher VAT and excise rates awaiting until stronger economic recovery takes root,” it said.

Source:
https://m.punchng.com/Business/Lagos-Rivers-Akwa-Ibom-lead-in-N4.19tn-subnational-domestic-debts

Oya where are the akwa ibom hypers? Apart from Lagos, pH and abuja the rest Nigeria states and cities are completely useless and stuck in the same level of development apart from those states in the terrorist region that are worse

Akwa Ibom and Cross river tbh have not much to show, oil money and you're also borrowing? Akwa Ibom my state should be giving Lagos and Abuja sleepless nights in terms of all round development.

All this debts with nothing to show for it

Norwichsailor:
Akwa Ibom and Cross river tbh have not much to show, oil money and you're also borrowing? Akwa Ibom my state should be giving Lagos and Abuja sleepless nights in terms of all round development.

..



Bro akwa ibom can Never catch up with Lagos even in 20 yrs time don't mind all those akwa ibom hypers.. apart from the serenity and good roads akwa ibom is nothing to write home about. Even the poverty in that state is second to none.. if not for bad roads ogun is far better than akwa and ibom even

I expected Lagos to be there, they are good at borrowing with only bullion van to show for it.

But what's akwa ibom doing in that list with all their oil money..hmm!of course river state will be their when wike is only burrowing money to build flyovers in port Harcourt like that's the only city in the state.Dumb governor.

Udom is a phuck

Cashsteady:
..



Bro akwa ibom can Never catch up with Lagos even in 20 yrs time don't mind all those akwa ibom hypers.. apart from the serenity and good roads akwa ibom is nothing to write home about. Even the poverty in that state is second to none.. if not for bad roads ogun is far better than akwa and ibom even

I'm speaking from a point of constructive criticism and don't mention me in your hate filled mentions ever, clown.

my state is owning 63billion, that's not too bad.

Ok

Where is Ondo and Ekiti nah

Fantasticcc:
I expected Lagos to be there, they are good at borrowing with only bullion van to show for it.

But what's akwa ibom doing in that list with all their oil money..hmm!of course river state will be their when wike is only burrowing money to build flyovers in port Harcourt like that's the only city in the state.Dumb governor.

Norwichsailor:
Akwa Ibom and Cross river tbh have not much to show, oil money and you're also borrowing? Akwa Ibom my state should be giving Lagos and Abuja sleepless nights in terms of all round development.

You guys, you ain't criticizing the right state.

Just take a look at
Bayelsa (a state with little population and less LGs), delta, cross river, Osun, Benue.

Just look at the debts they're owing with nothing to show.
At least we're seeing what Akwaibom is doing with her money.
I bolded Bayelsa and delta because they're oil producing states with nothing to show.

All these aforementioned states ought not to be owing any debts giving the allocations coming to them from the national & IGRs.Almost all the governors are just state chief executives of corruption.

Sammy07:




You guys, you ain't criticizing the right state.

Just take a look at
Bayelsa (a state with little population and less LGs), delta, cross river, Osun, Benue.

Just look at the debts they're owing with nothing to show.
At least we're seeing what Akwaibom is doing with her money.
I bolded Bayelsa and delta because they're oil producing states with nothing to show.

Those ones are special case

T

CORRUPTION IS THE NUMBER ONE CAUSE OF THIS INDEBTEDNESS.

Some of these governors starts elephant project that had no value on their states and the next governor that takes over do not continue.

Cashsteady:
Oya where are the akwa ibom hypers? Apart from Lagos, pH and abuja the rest Nigeria states and cities are completely useless and stuck in the same level of development apart from those states in the terrorist region that are worse

well I'm from Akwa Ibom State and you're right but remove PH from your list

Gov. Udom of Akwa ibom is a joke, a man with a mission to destroy Akwa ibom with unemployment and debts. Funny enough he is accomplishing it

Cashsteady:
..



Bro akwa ibom can Never catch up with Lagos even in 20 yrs time don't mind all those akwa ibom hypers.. apart from the serenity and good roads akwa ibom is nothing to write home about. Even the poverty in that state is second to none.. if not for bad roads ogun is far better than akwa and ibom even

U be big goat aswear.....None of southwest states u fit use compare with akwaibom... Apart from lagos, where be no man land....

Sammy07:




You guys, you ain't criticizing the right state.

Just take a look at
Bayelsa (a state with little population and less LGs), delta, cross river, Osun, Benue.

Just look at the debts they're owing with nothing to show.
At least we're seeing what Akwaibom is doing with her money.
I bolded Bayelsa and delta because they're oil producing states with nothing to show.

what does Akwa ibom have to show?
Or you're just spewing ignorance all the way from the North that you reside

Kudos to my Darling state, Ebonyi! They are always at d good place

With little or nothing to account for it...

useIess2020:
well I'm from Akwa Ibom State and you're right but remove PH from your list

Just tell us u r from ph, and stop acting useless!!

See money , why do we owe this much? What was are funds beeing used for?? Why na??

VEXT:


Just tell us u r from ph, and stop acting useless!!

kop inua ke ndoh, inye owo Ito pH?

The 419 states I guess

useIess2020:
kop inua ke ndoh, inye owo Ito pH?

I can speak Hausa very well, does not mean am a northerner..so go bleep ur useless self!!

Governors don't know more than to borrow, I hope Seyi Makinde is cautioned before it's too late

Nice one