Lagos and Rivers have been ranked among the top 10 Nigerian states with the highest domestic debt.A new report from the DMO shows that Nigeria’s public debt profile has ballooned to over N143 trillion.The rising debt continues to strain the Nigerian economy, as the government remains obligated to repay
Henzodaily.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Debt Management Office has revealed that Nigeria’s public debt increased to N142.31 trillion as of the third quarter (September 30, 2024).
The latest figure is a jump from the N87.38 trillion debt of June 30, 2023, when President Tinubu took office.
Nigerian governors did not really borrow in 2024
Photo credit: @lasg
Source: Getty Images
State govt domestic debt breakdown
Nigeria’s total debt figures are both federal and state government debt.
DMO revealed that as of September 30, 2024, domestic debts of Nigeria’s 36 states’ including the Federal Capital Territory (FCT) stood at N4.21 trillion as of September 30.
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This represents a marginal decrease from N4.27 trillion recorded on June 30, 2024.
10 states with the highest domestic debt profile
The DMO provided insight into the states’ figures, with analysis showing the 10 states with the highest domestic debt as of September 2024.
Lagos – (N853.43bn)
Lagos State retained its position as the most indebted state domestically, with a debt of N853.43 billion as of Q3 2024.
This marks a decrease of N32.56 billion from N885.99 billion in Q2 2024, following a previous decline from N929.41 billion in Q1 2024.
Rivers- (N389.20bn)
Oil-rich Rivers State’s domestic debt was at N389.20 billion in Q3 2024, the same figure in Q2 2024.
Q1 2024 domestic debt was at N232.58 billion.
Delta – (N342.53bn)
Delta State’s domestic debt of N342.53 billion in Q3 is the third highest rising from N304.54 billion in Q2 2024 and N334.90 billion in Q1 2024.
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Ogun State (N201.19bn)
Ogun State’s domestic debt stood at N201.19 billion in Q3 2024, reflecting a decrease of N9.94 billion from N211.13 billion in Q2 2024. In Q1 2024, the state’s domestic debt was N221.22 billion.
Imo State (N155.38bn)
Imo state’s domestic debt closed at N155.38 billion in Q3 2024, down from N159.19 billion in Q2 2024. In Q1 2024, the state’s domestic debt stood at N163.06 billion.
Bauchi State (N145.29bn)
Bauchi’s debt stock dropped to N145.29 billion in Q3 2024, from N147.23 billion in Q2 2024. In Q1 2024, the state’s domestic debt was N163.06 billion.
Niger State (N144.88bn)
Niger State’s domestic debt decreased slightly to N144.88 billion in Q3 2024 from N146.29 billion in Q2 2024,
In Q1 2024, the debt stood at N86.07 billion.
Cross River State – (N133.41bn)
Cross River recorded one of the sharpest declines in domestic debt, falling to N133.41 billion in Q3 2024, from N155.49 billion in Q2 2024. In Q1 2024, the state’s domestic debt was N156.17 billion.
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Enugu State – (N128.07bn)
Enugu’s debt stock surged to N128.07 billion in Q3 2024, marking an increase of N31.10 billion (32.07%) from N96.98 billion in Q2 2024.
Akwa Ibom State (N126bn)
Akwa Ibom’s domestic debt stood at N126 billion in Q3 2024, reflecting a decrease of N6.87 billion (5.17%) from N132.87 billion in Q2 2024. In Q1 2024, the state’s domestic debt was N142.93 billion.
Nigeria services loans with N8.89 trillion in 9 months of 2024
Henzodaily.ng reported that data from the Central Bank of Nigeria shows that the Nigerian government serviced debt with N8.94 trillion in the first nine months of 2024
The amount represents a 56.8 increase from the N5.69 trillion spent in the same time last year
The country’s debt servicing costs show the growing burden of Nigeria’s debt obligations amid an ever-increasing fiscal shortfall.
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Source: Henzodaily.ng