INSIDEMAINLAND – Lagos State has become the most indebted state in the nation, owing the sub-nationals a total of N797.304 billion as of June 30, 2022, which puts it at the top of the list.
According to data from the Debt Management Office (DMO), Lagos was followed by Delta, Ogun, and Rivers, each with N378. 878 billion, N241. 782 billion, and N225. 505 billion.
Other states with high amounts of debt included Imo (N210. 394 billion), Akwa Ibom (N203. 951 billion), Cross River (N 176. 086 billion), Oyo (N159. 906 billion), Ogun (N150. 529 billion), Bayelsa (N150. 430 billion), Plateau (N144. 608 billion), Benue (N143. 547 billion), Bauchi (N129. 207 billion), Kano (N125.
Ebony and Kebbi were next with debts of N59. 171 billion and N60. 417 billion, respectively, while Jigawa had the lowest debt at N45. 135 billion.
Ondo had a debt of N62. 270 billion, Kastina was owed N66. 675 billion, Anambra N72. 429 billion, Nassarawa N72. 965 billion, Kaduna N78. 194 billion, Sokoto N89. 920 billion, Taraba N 90. 807 billion, and Yobe had a debt of N96. 624 billion.
The remaining debts were owed by Abia which was N 107. 612 billion, Borno owed N 102. 496 billion, Edo owed N 112. 118 billion, Ekiti owed N 119. 543 billion, Enugu N 89. 887 billion, Kano, owed N 125. 186 billion, Kogi owed N 90. 538 billion.
The agency stated that as of June 30, 2022, the country’s public debt had increased to N42.84 trillion (103.31 billion USD).
Data from the Office indicated that the amount constituted an N1.24 trillion rise over the debt stock at the end of the first quarter of the year, which was N41.60 trillion ($200.07 billion).
At N16.61 trillion (USD40.06 billion) as of June 30, 2022, the total external debt stock was roughly equal to the USD39.96 billion (N16.96 trillion) amount as of March 31, 2022. (N16.61 trillion).
The DMO claims that “Over fifty-eight percent (58%) of the External Debt Stock are concessional and semi-concessional loans from multilateral lenders such as the World Bank, International Monetary Fund, Afrexim and African Development Bank and bilateral lenders including Germany, China, Japan, India, and France.
“The Total Domestic Debt Stock as of June 30, 2022, was N26.23 trillion (USD63.24 billion) due to New Borrowings by the FGN to part-finance the deficit in the 2022 Appropriation (Repeal and Enactment) Act, as well as New Borrowings by State Governments and the FCT.
“The Total Public Debt to GDP as of June 30, 2022, was 23.06% compared to the ratio of 23.27% as of March 30, 2022, and remains within Nigeria’s self-imposed limit of 40%. While the FGN continues to implement revenue-generating initiatives in the non-oil sector and block leakages in the oil sector, Debt Service-to-Revenue Ratio remains high.”