Nigeria’s domestic debt, including those of the Federal Government, the 36 states of the federation and the Federal Capital Territory (FCT), Abuja as of December 2021 stood at N4.46 trillion, figures released by the Debt Management Office (DMO) have revealed.
A report released by the DMO showed that Lagos, Ogun and Rivers top the list of states with highest domestic debts. According to the DMO, domestic debts owed by the 36 states of the federation and Abuja, increased by N272.23 billion in 2021 to stand at N4.46 trillion compared with N4.18 trillion recorded in the previous year.
Details of the data also showed that Lagos, Ogun and Imo states recorded the highest year-on-year increase in terms of the domestic debt profile, with Lagos State owing N658.98 billion and Ogun with domestic debt profile of N232.62 billion, while on the flip side, Delta and Rivers states recorded the highest decline in debt profile.
In terms of geopolitical zones, it said the South West states led the chart with an aggregate domestic debt of N1.34 trillion, accounting for over 30 per cent of the total indebtedness as of the end of the year under review.
The South-South region followed with a domestic debt profile of N988.1 billion, while the South East recorded the lowest domestic debts as of December 2021, with N467.45 billion closely followed by the North West region with N495.19 billion.
Notably all the geo political zones in the country, only the South-South region recorded a decline in its domestic debt profile The Trumpet gathered.
At the end of 2021, Lagos State’s domestic debts stood at N658.96 billion, accounting for 14.8 per cent of the total domestic debt owed by the 36 states and Abuja and over 49 per cent of the South West debt.
Lagos domestic debts increased by N150.18 billion compared to N508.78 billion, as of the previous year. Ogun State owed total domestic debts of N232.62 billion as of December 2021, which accounts for 5.2 per cent of the total states debt profile of the states. Its domestic debt rose by N79.13 billion recorded as of the previous year.
Rivers State, a major oil producing state in the country, stands third on the list with a total domestic debt of N225.51 billion compared to N225.51 billion compared to N 266.94 billion recorded at the previous year.
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Akwa Ibom State’s domestic debt stood at N214.61 billion as of December 2021, accounting for a mere 4.8 per cent of the total domestic debt obligations.
However, its debts was reduced by N16.19 billion in 2021 compared to N230.81 billion recorded at the end of 2020. Others on the list includes Imo (N205.19 billion), Cross River (N159.82 billion), Delta State (N154.61 billion), Bayelsa (N154.30 billion), Plateau (N150 .49 billion) and Oyo (N142.56 billion).
