The domestic debt stock of 22 states and the federal capital territory (FCT) shrunk by a significant N176.3 billion in the third quarter (Q3) of 2023, according to data from the Debt Management Office (DMO).

The DMO said the total domestic debt for the 36 states and the FCT reduced by N74.64 billion in three months.

As at June 2023, the states’ domestic debt stood at N5.82 trillion but fell to N5.74 trillion in September, the agency said.

According to the latest report, only 22 out of 36 states and the FCT reduced their debts in Q3, compared to 15 states in the second quarter (Q2).

The states were Delta, Lagos, Akwa Ibom, Bayelsa, Adamawa, Abia, Anambra, Ebonyi, Imo, Ekiti, Niger, Kogi, Ondo, Taraba, Enugu, Kaduna, Oyo, Kwara, Osun, Sokoto, Jigawa, Kebbi, and FCT.

In a quarter marked by debt reduction efforts across the states, Delta emerged top, slashing its domestic liabilities by a jaw-dropping N93.9 billion, compared to Lagos’ N35.94 billion and FCT’s N7.79 billion.


Here is a breakdown of states that reduced domestic debts in Q3:

Delta: N93.92 billion
Lagos: N35.94 billion
FCT: N7.79 billion
Akwa Ibom: N6.13 billion
Bayelsa: N5.18 billion
Adamawa: N5.16 billion
Abia: N3.69 billion
Anambra: N2.68 billion
Ebonyi: N2.54 billion
Imo: N1.94 billion
Ekiti: N1.89 billion
Niger: N1.76 billion
Kogi: N1.35 billion
Ondo: N1.28 billion
Tarawa: N1.02 billion
Enugu: N983.96 million
Kaduna: N697.18 million
Oyo: N634.50 million
Kwara: N618.21 million
Osun: N437.88 million
Sokoto: N300.11 million
Jigawa: N242 million
Kebbi: N67.09 million


KANO, OGUN DEBT REMAINS UNCHANGED

Meanwhile, the debt burden of Kano and Ogun remained unchanged in Q3 this year, TheCable Index analysis of the data shows.

The two states maintained their domestic debt levels at N122.36 billion and N293.20 billion respectively, while 12 other states saw their debt profiles rise in the past three months.

The DMO said Katsina led the pack in debt growth, with a N36.94 billion jump (59% increase), leaving Bauchi (N15.13 billion), Zamfara (N11.99 billion), and Plateau (N11.86 billion) behind.

Here is a list of 12 states that increased their domestic debt in Q3:

Katsina: N36.94 billion
Bauchi: N15.13 billion
Zamfara: N11.99 billion
Plateau: N11,86 billion
Borno: N8.65 billion
Cross River: N7.99 billion
Rivers: N7.07 billion
Gombe: N1.044 billion
Yobe: N342.16 million
Benue: N241.19 million
Nasarawa: N192.79 million
Edo: N174.95 million

vanbonattel:
Delta state performance is very commendable.

Lagos, with all the high IGR and high allocation only vomited 35 billion out of the over 1 trillion naira they received. This is very shameful for a state that cornered the ports of a whole country. The looting going on in that state is crazy.

vanbonattel:
Delta state performance is very commendable.

Lagos, with all the high IGR and high allocation only vomited 35 billion out of the over 1 trillion naira they received. This is very shameful for a state that cornered the ports of a whole country. The looting going on in that state is crazy.

IamRichards:
Anambra neither increased or decreased their debt
Interesting

AMAUCHESKY:
Its well for the economy

Addiction will make you look weak and have thought of suicide sometimes,
most times you said I won't do this again 🤓 but less than 48hours you are on it 😭
contact me via my signature, for steps on how to overcome

SensualMan:
So JAG'BAN think he can use wike to reduce the power and might of we Northerners?

Is that Tinubu's plan?
To weaken us in North? After the massive votes we gave him?
He sent military to wipe us out and we thought it was a joke.
He relieved Northerners of their right to head the FCT ministry?
So Tinubu has decided to fight his Chi in the North.

No problem! We shall see.

Cc:
@MBuhari
@nasirElrufai
@sheikhGumi
@MomanDaura
@SanusiLsanusi
@EmirOfDaura

cosby02:

I'm not sure you read the article.

SensualMan:
So JAG'BAN think he can use wike to reduce the power and might of we Northerners?

Is that Tinubu's plan?
To weaken us in North? After the massive votes we gave him?
He sent military to wipe us out and we thought it was a joke.
He relieved Northerners of their right to head the FCT ministry?
So Tinubu has decided to fight his Chi in the North.

No problem! We shall see.

Cc:
@MBuhari
@nasirElrufai
@sheikhGumi
@MomanDaura
@SanusiLsanusi
@EmirOfDaura

vanbonattel:
Delta state performance is very commendable.

Lagos, with all the high IGR and high allocation only vomited 35 billion out of the over 1 trillion naira they received within the period under review. This is very shameful for a state that cornered the ports of a whole country. The looting going on in that state is crazy.

BAZ001:
Propaganda govt.
Una wan confuse us with English
Did they pay part of the debt they owe or they refused to borrow more this last quarter ?

Just looking for cheap ways to show that certificate forger is working

SmartPolician:


Guy, rest. Tinubu will be the president for the next four years. You and I cannot change that fact. You should only criticise where it is absolutely necessary.

BAZ001:


Please explain this debt reduction and how it has affected masses if not on paper only , same way you and apc said you ve saved a lot of money from subsidy only to find out you silently paying subsidy.
Election is over stop lying to us and do something