Lagos, Ogun, Rivers lead as states’ debts hit N6.43tn in 2021–DMO

The domestic debts owed by state governments and the Federal Capital Territory Administration rose to N6.43tn at the end of 2021.

While sub-national domestic debt stock was N4.46tn, the sub-national external debt stock was N1.97tn in 2021.

Lagos, Ogun and Rivers became the three most indebted states, according to the latest data from the Debt Management Office.

The N4.46tn domestic debt represents 11.27 per cent of the country’s domestic debt stock of N23.70tn as of December 2021, up from N20.21tn in the previous year.

Lagos, Ogun, Rivers, Akwa Ibom, and Imo emerged as the top five debtors, with a combined domestic debt stock of about N1.56tn.

The five states account for 34.98 per cent of the total domestic debt owed by the sub-national governments in the country as of December 31, 2021.

Lagos owed N658.96bn, Ogun N232.62bn, Rivers N225.51bn, Akwa Ibom N214.61bn, and Imo N205.19bn as of 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.

Other states with high domestic debts include Cross River, with a debt of N159.82bn; Delta, N154.61bn; Bayelsa, N154.61bn; Plateau, N150.5bn; Oyo, N142.56bn; and Osun, N134.70bn.

Others are Benue, with a domestic debt stock of N128.35bn; Kano, N111.9bn; Zamfara, N99.94bn; Adamawa, N99.55bn Bauchi, N97.51bn; Borno, N95.63bn; Abia, N95.21bn; Kwara, N93.37bn; and Taraba, N93.18bn.

The states with the least domestic debt stocks include Jigawa, with a debt of N31.36bn; Ebonyi, N42.16bn; FCT, N50.65bn; Kebbi, N52.33bn; Nasarawa, N54.1bn; Anambra, N55.72bn; and Kaduna, N61.71bn; Enugu, N69.17bn; and Gombe, N69.13bn.

Others are Kogi, N70.66bn; Sokoto, N71.29bn; Edo, N78.9bn; Niger, N83.4bn; and Yobe, N82.46bn.

In foreign debt, Lagos leads with $1.33bn; followed by Kaduna $595.12m; Cross River $279.71m and  Edo State $276.3m.

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