The Debt Management Office (DMO) has, in its latest data, revealed that Lagos, Ogun, Rivers, Akwa Ibom and Delta states owe N1.39 trillion out of the N4.2 trillion debts owed by the 36 states and the Federal Capital Territory.
It stated that domestic debts owed by state governments and the FCT rose to N4.2 trillion at the end of the third quarter of 2021 from N4.12tn in Q2.
It said the N4.2 trillion debt represents 23.04 per cent of the country’s domestic debt stock of N18.23 trillion as of Q3 2021, down from N21.75 trillion in the previous quarter.
It further said the five heavily indebted states account for 33.1 per cent of the total domestic debt owed by the sub-national governments as of September 30, 2021.
Lagos, according to the DMO, owed N532.12 billion as of Q3 2021; Akwa Ibom, N234.85 billion; Rivers, N226.35 billion (as of June 30, 2021); Delta, N207.17 billion, and Ogun N192.42 billion.
Other states with high domestic debts include Cross River, N160.69 billion; Bayelsa, N145.8 billion; Imo, N151.31 billion; Osun, N132.64 billion; Plateau, N145.86 billion; Kano, N102.35 billion; Benue, N128.35 billion; Oyo, N93.26 billion; and Enugu, N69.17 billion.
Recall that the DMO last Wednesday, December 15 disclosed in a statement that Nigeria’s public debt was N38.01 trillion or $92.63 billion as of Q3 2021.
It said the total debt stock rose by N2.54tn in three months from N35.47tn as of June 30 to N38tn as of September 30.
The DMO explained the increase of N2.540 trillion when compared to the corresponding figure of N35.465 trillion at the end of Q2 2021 was largely accounted for by the $4 billion Eurobonds issued by the government in September 2021.
“The issuance of the $4bn Eurobonds has brought significant benefits to the economy by increasing the level of Nigeria’s external reserves, thereby supporting the naira exchange rate and providing necessary capital to enable the Federal Government finance various projects in the budget,” it stated.
