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Nigerian States’ Domestic Debts Hit N3.4tr, Lagos Tops Chart

By Dipo Olowookere

Data released by the Debt Management Office (DMO) has revealed that as at December 31, 2017, the total domestic debts of the 36 states in Nigeria and the Federal Capital Territory (FCT) Abuja have increased to N3.35 trillion.

According to the data obtained by Business Post from the website of the debt office, the debts rose sharply by 13.2 percent from N2.96 trillion as at December 31, 2016

A breakdown of the figures released by the DMO showed that Lagos emerged as the most indebted state in Nigeria with N363.3 billion as at December last year in contrast to N311.8 billion it was in 2016, representing a 16.5 percent rise.

Lagos was followed by Delta State, which owed N228.3 billion against N241.3 billion in 2016.

Rivers State followed with N191.2 billion, while Akwa Ibom State came fourth with N187.2 billion and the fifth place was occupied by Osun State with N138.2 billion.

However, the least indebted state in Nigeria is Anambra with a total of N2.6 billion.

The next is Sokoto State with N26 billion, Yobe State with N26.5 billion, Kastina State with N31.1 billion and Jigawa State with N33.3 billion.

View the domestic debt profile of the states in the picture below.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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