A recent report released by the Debt Management Office (DMO) shows that total domestic debt of Nigerian states reduced in the first three months by N63.05 billion.
On the last day of December 2020, States’ domestic debt was N4.18 trillion, dropping to N4.12 trillion by March 2021.
Despite the drop, Ripples Nigeria analysis shows that of the 36 states, including the FCT, 11 states added to their debts stock from January to March.
These States include Akwa Ibom, Benue, Borno, Edo, Enugu, Jigawa, Kano, Kastina, Kogi, Ogun, Yobe.
The FCT, Rivers, and Kaduna all maintained their debt levels from December while the rest of the States’ domestic debt stock dropped.
In monetary terms, as expected as at the end of March, Lagos with N507.3 billion has the highest domestic debt stock, and this represents 12.3 percent of the total domestic debt stock.
Lagos is followed by Rivers (N266.9 billion), Akwa Ibom(N232.2 billion), Delta(N213.7 billion), and Cross River(N162.3 billion).
The five states collectively account for 33.5 percent of overall domestic debt while the debts of the top ten states account for 51% of the overall domestic debt.
Breakdown by region
South-South with N1.99 trillion domestic debts is the most burdened region. The South-West follows with N1.45 trillion domestic debts, ahead of North-Central (N585.1 billion), North-East (N530.4 billion), North-West (N468.7 billion) and South-East (N392.8 billlion).
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