DMO: State govs borrow N870bn from local banks, investors in 2022

The Debt Management Office (DMO) has disclosed that Nigerian state governors borrowed a total of N870 billion from local banks and investors in 2022.

This borrowing frenzy has led to an increase in the sub-national domestic total debt from N4.46 trillion in December 2021 to N5.33 trillion by the end of December 2022.

In terms of the breakdown of domestic debt data, Lagos State had the highest domestic debt as of the end of Q4 2022, totaling N807.21 billion.

Delta State came second with N304.25 billion, followed by Ogun State with N270.45 billion.

On the other hand, Jigawa State had the lowest debt, which was N43.95 billion, followed by Kebbi State and Katsina State with N61.31 billion and N62.37 billion, respectively.

Furthermore, among the states that owe the most debt, Abia, Adamawa, Akwa Ibom, and Anambra borrowed N103.7 billion, N124 billion, N219.2 billion, and N77.4 billion, respectively.

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Meanwhile, Bauchi, Bayelsa, Benue, and Borno borrowed N143.6 billion, N146.3 billion, N141.3 billion, and N96.1 billion, respectively.

The following states have outstanding debts: Cross-River (N197.2 billion), Ebonyi (N76.4 billion), Edo (N110.5 billion), Ekiti (N117.1 billion), Enugu (N91.8 billion), Gombe (N139.3 billion), Imo (N204.2 billion), Kaduna (N83.3 billion), Kano (N122.3 billion), Kogi (N93.6 billion), Kwara (N109.3 billion), Nasarawa (N71.4 billion), Niger (N95.5 billion), Ondo (N77.1 billion).

Osun (N148.3 billion), Oyo (N161.1 billion), Plateau (N149 billion), Sokoto (N90.5 billion), Taraba (N87.9 billion), Yobe (N90.7 billion), Zamfara (N112.1 billion), and the FCT (N81 billion).

The figures for Rivers State were as of September 30, 2021, and the figures for Katsina and Taraba states were as of September 30, 2022.

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