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Tuesday, May 17, 2022

Lagos tops list of most indebted states, ahead of A/Ibom, Rivers

Lagos, Nigeria’s economic nerves centre remains the most indebted subnationals with a total of N533.81billion as of the end of second quarter of 2021, according to data from the Debt Mangement Office (DMO).

Data of domestic debt released by the DMO showed that Lagos accounted for 12.86 percent of the total N4.12 trillion owed by the 36 states of federation and federal capital territory.

Akwa Ibom trail Lagos behind with a total of N242.27 billion domestic debt, which represents 5.83 percent of the total domestic debts owed by subnational governments as of Q2 2021.

Also, Rivers State had a total of N213.17 billion domestic debt stock as of the end of June 2021, represents 5.10 percent of the total of the country’s subnational debt stock.

However, figures for Rivers State were as at March 31, 2021, which means the DMO was unable to capture the data for the three months period to June ending.

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Delta accounts for 5.10 percent of the total subnational domestic debt as it owed N205.91 billion as of June 30, 2021, while Cross River has a domestic debt stock of N161.55 billion. This represents 3.88 percent of the subnational domestic debt stock.

Other states with high domestic debts include Ogun, with a debt of N155.57 billion; Bayelsa, N150.61 billion; Imo, N149.51 billion; Osun, N133.36 billion; and Plateau, N132.47 billion.

Others are Kano, with a domestic debt stock of N127.65 billion; Benue, N126.93 billion; Taraba, N99.89 billion; Oyo, N91.98 billion; and Adamawa, N90.37 billion.

The states with the least domestic debt stocks include Jigawa, with a debt of N32.60 billion; Ebonyi, N43.39 billion; Anambra, N55.01 billion; Katsina, N55.34 billion; and Nasarawa, N56.25 billion.

Others are Yobe, N60.23 billion; Kwara, N63.66 billion; Enugu, N68.72 billion; Niger, N79.25 billion; and Sokoto, N80.81 billion

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