Lagos Maintains Lead as Most Indebted State in the Country as Domestic Debt Stock Hits N87.38 Trillion
The Nigeria Debt Management Office (DMO) and the National Bureau of Statistics (NBS) have released the latest figures on the country’s domestic debt, revealing a staggering N87.38 trillion (US
113.42billion) in public debt stock as of Q2 2023. This represents a 75.27 billion and total domestic debt at N54.13 trillion (US$70.26 billion).
According to the report, Lagos State recorded the highest domestic debt in Q2 2023, with a whopping N996.44 billion, followed closely by Delta State with N465.40 billion. On the other hand, Jigawa State had the lowest domestic debt, with a mere N43.13 billion, followed by Kebbi State with N60.94 billion.
The trend continues in Q1 2024, with Lagos State maintaining its lead in domestic debt, albeit with a slight decrease to N929.41 billion. Delta State remains in second place, with N334.90 billion. However, Jigawa State’s domestic debt has taken a drastic plunge to N2.07 billion, making it the state with the lowest domestic debt in the country. Ondo State follows closely, with N16.40 billion.
In terms of external debt, Lagos State also leads the pack, with a staggering US 1.26billion, followed by Kaduna State with US569.38 million. Borno State has the least external debt, with a mere US 18.75million, while Taraba State follows closely with US21.92 million.
The breakdown of the domestic debt by state is as follows:
2023:
•Highest: Lagos (N996.44 billion), followed by Delta (N465.40 billion)
•Lowest: Jigawa (N43.13 billion), followed by Kebbi (N60.94 billion)
Q1 2024:
•Highest: Lagos (N929.41 billion), followed by Delta (N334.90 billion)
•Lowest: Jigawa (N2.07 billion), followed by Ondo (N16.40 billion)
The DMO and NBS report highlights the growing concern of Nigeria’s debt burden, with the country’s public debt stock increasing by 75.27% in just one quarter. The report also notes that the share of external debt to total public debt was 38.05% in Q2 2023, while the share of domestic debt to total public debt was 61.95%.
The Nigerian government has assured citizens that it is working to reduce the debt burden and implement policies that will stimulate economic growth and development. However, with the country’s debt levels continuing to rise, it remains to be seen whether the government’s efforts will be enough to mitigate the effects of the growing debt burden.
