₦airaland Forum

Nigeria’s external debt is now $42.9 billion as of the end of June 2024. According to the Debt Management Office (DMO), the share of 36 states and the Federal Capital Territory (FCT) constitutes 11 per cent of the loans at $4.89 billion while the Federal Government’s debt stands at $38 billion.

Out of the total debt, multilateral debt is $17.13 billion while bilateral debts, including those with China, EXIM Bank, JICA, KWF, IsDB and AFD, amount to $5.49 billion. About $15.12 billion are commercial Eurobonds and diaspora bonds.

Records show that as of March 2024, Nigeria’s external debt stood at $42.12 billion.
Lagos state leads others with $1.2 billion while Kaduna state comes next with $640.99 million. The third spot is occupied by Edo state with $380.97 million.

On the other hand, total domestic debt owed by the 36 states and FCT has topped N4.27 trillion with Lagos state leading the pack once again with N885.99 billion Kobo. Lagos is followed by Rivers with N389.2 billion, while Delta comes third with N304.54 billion.

Jigawa amassed the lowest domestic debt at N1.82 billion. Ondo is next with N15.1 billion, while Kebbi records N15.46 billion. Jigawa state figures showed that its debt was reduced by N254.97 million from N2.1 billion it was in March 2024 to N1.82 billion recorded as of the end of June.

The same trend is recorded by Ondo state, which decreased its domestic debt by N1.3 billion to N15.1 billion from N16.4 billion it was in March. The downward trend is the same with Kebbi state, which reduced its debt stock from N17.06 billion to N15.46 billion, shaving off N1.6 billion.

On the other hand, the total domestic debt stood at N4.07 trillion. Therefore, the states increased their borrowing by N198.96 billion, which represents about a five per cent increment within three months.

In March, Lagos was indebted to the tune of N929.41 billion. It thus increased its debt profile by N43.42 billion in three months. The same scenario is witnessed by the Rivers state government, which increased its debt profile from N232.58 billion to the current N389.2 billion.

In March 2024, the Federation Account Allocation Committee (FAAC) allocated N1.12 trillion to the three tiers of government in Nigeria. Out of the amount, the Federal Government got N345.89 billion, states were allocated N398.69 billion and N288.69 billion went to the 774 local government areas.

The FAAC also allocated N90.124 billion to oil-producing states as derivation funds.
Even with the allocation increasing to N461.979 billion in June as against 398.201 billion, top states have not stopped amassing more debts.

But Delta State proved to be an exemption between March and June as it reduced its debt stock by nine per cent, from N334.9 billion it stood as of March 2024 to N304.54 billion.

The highest jump between March and June was Taraba, which recorded an addition of N52.64 billion from N32.64 billion in March to N84.72 billion as of the end of June 2014.

Among the high-borrowing states was Niger, which recorded a 70 per cent increase with a fresh N60.22 billion debt to add to its N86.07 billion recorded in March to N146.29 billion.States that increased their debts included Bauchi from N108.39 billion to N147.23 billion.

helinues:
Toh

kunIe:
Its time to start holding these state governors responsible for what they use these money for

kunIe:
Its time to start holding these state governors responsible for what they use these money for

AntiChristian:
We pray for a time when Nigeria will be debt free and have foreign reserve of a Quintillion Dollars!

ariesbull:
South Eastern region are the best run part of this nation...low indebtedness...high capacity and industrialisation,with high level of urbanisation....every village is becoming a town in Igbo land

While states like Ogun with so called AudiO IGR is owing even till China disgrace us

As of Lagos...oti lor


The only time Nigeria will make a progress is when an Igbo man leads

kunIe:
Only God knows why our debt profile is not giving our Leaders sleepless night

CrossRhodes:
them say igbo people no get enough IGR.
at least we have functional toilets in our homes

anyhow e be this December we go still flex am, some go line up for bourdillon dey beg with big IGR like Alaska.

ndi IGR, ga wa n'ihu

Objectivist04:
If I understood this write up well, what it is trying to say is that lagos owns dollar equivalent of N2tn ($1.2b) and another N1tn in domestic dept totaling N3tn ) no amount of viability can justify this. The state is deep in dept and that shows that it has not enjoyed good leadership overtime.

ariesbull:
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High IGR Isn’t Always a Sign of True Progress

Rising internally generated revenue might look good on paper, but it can sometimes paint a misleading picture of a region’s real economic health. Here’s why relying too much on IGR for measuring growth can miss the mark:

1. It Doesn’t Mean People Are Actually Better Off
When a region collects more revenue, it doesn’t necessarily mean that the economy is growing in a way that benefits everyone. Sometimes, the government increases taxes or adds more fees, which raises revenue but leaves people with less money to spend, save, or invest in their own futures. True economic growth should improve people’s lives, not just fill government accounts.

2. Higher IGR Can Add Pressure to Everyday People and Small Businesses
When governments aim to increase revenue quickly, they sometimes create new taxes or raise existing ones, often affecting small businesses and regular folks. This can make it harder for businesses to grow and thrive, and it can discourage new businesses from starting up. Economic growth should make it easier—not harder—for people and businesses to succeed.

3. It Doesn’t Show Whether the Economy Is Fair for Everyone
Just because IGR is rising doesn’t mean everyone is doing well. For example, a region could see higher IGR from taxes that affect certain groups more heavily, like small business owners or renters. This can actually increase inequality, leaving the gap between the wealthy and less well-off even wider.

4. Short-Term Fixes Can Hurt Long-Term Progress
Governments sometimes boost IGR by creating one-time fees or taxes. This raises money in the short term but doesn’t build a sustainable path for long-term growth. True economic growth requires a stable base—like supporting new industries, building infrastructure, and creating jobs—rather than just relying on temporary revenue spikes.

5. Focusing on Revenue Alone Can Miss the Bigger Picture
When governments focus mostly on collecting taxes, they can overlook the real investments needed to grow the economy, like building roads, improving education, or supporting healthcare. These are the things that help create jobs, attract new businesses, and ultimately improve quality of life. Revenue is important, but it’s just one piece of the puzzle.

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So, What Really Matters?

For a more meaningful view of economic growth, we need to look beyond high IGR. Real growth happens when people see better job opportunities, fair wages, better schools, and affordable healthcare. Sustainable progress should lift the whole community, not just add to government funds. When we see the economy this way, we focus on building a future that benefits everyone, not just a bottom line.
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Bidemi Ogunsanya

Objectivist04:
Every state collects tax , just that some don't declare all their tax.
I am surprised when Enugu state govt said that they have collected 39b so far this year because the way they are going on tax drive, they out to have generated far above that.p

ariesbull:
---

High IGR Isn’t Always a Sign of True Progress

Rising internally generated revenue might look good on paper, but it can sometimes paint a misleading picture of a region’s real economic health. Here’s why relying too much on IGR for measuring growth can miss the mark:

1. It Doesn’t Mean People Are Actually Better Off
When a region collects more revenue, it doesn’t necessarily mean that the economy is growing in a way that benefits everyone. Sometimes, the government increases taxes or adds more fees, which raises revenue but leaves people with less money to spend, save, or invest in their own futures. True economic growth should improve people’s lives, not just fill government accounts.

2. Higher IGR Can Add Pressure to Everyday People and Small Businesses
When governments aim to increase revenue quickly, they sometimes create new taxes or raise existing ones, often affecting small businesses and regular folks. This can make it harder for businesses to grow and thrive, and it can discourage new businesses from starting up. Economic growth should make it easier—not harder—for people and businesses to succeed.

3. It Doesn’t Show Whether the Economy Is Fair for Everyone
Just because IGR is rising doesn’t mean everyone is doing well. For example, a region could see higher IGR from taxes that affect certain groups more heavily, like small business owners or renters. This can actually increase inequality, leaving the gap between the wealthy and less well-off even wider.

4. Short-Term Fixes Can Hurt Long-Term Progress
Governments sometimes boost IGR by creating one-time fees or taxes. This raises money in the short term but doesn’t build a sustainable path for long-term growth. True economic growth requires a stable base—like supporting new industries, building infrastructure, and creating jobs—rather than just relying on temporary revenue spikes.

5. Focusing on Revenue Alone Can Miss the Bigger Picture
When governments focus mostly on collecting taxes, they can overlook the real investments needed to grow the economy, like building roads, improving education, or supporting healthcare. These are the things that help create jobs, attract new businesses, and ultimately improve quality of life. Revenue is important, but it’s just one piece of the puzzle.

---

So, What Really Matters?

For a more meaningful view of economic growth, we need to look beyond high IGR. Real growth happens when people see better job opportunities, fair wages, better schools, and affordable healthcare. Sustainable progress should lift the whole community, not just add to government funds. When we see the economy this way, we focus on building a future that benefits everyone, not just a bottom line.


Bidemi Ogunsanya

CrossRhodes:
ogunsanya needs to push this message to his ronu brothers...
they need to stop masturbating when they hear high IGR, with nothing to show.

kunIe:
Only God knows why our debt profile is not giving our Leaders sleepless night