36 States, FCT Owes N2.96tr as Lagos’ Debt Hits N311.7b

By Dipo Olowookere

The Debt Management Office (DMO) has released the total amount owed by the 36 states of the federation and the Federal Capital Territory (FCT). From the figure released by the debt office, as at December 31, 2016, the total local debts of the 36 states and the FCT stood at N2.958 trillion.

However, the top three debtors are Lagos, Delta and Akwa-Ibom States, owing a cumulative amount of N708.4 billion. While the local debt stock of Lagos State is N311.7 billion, Delta State has N241.3 billion debt and Akwa-Ibom N155.4 billion.

Domestic debt is the amount of money raised by any government denominated in local currency and from its own residents, consisting two components: bank and non-bank borrowing.

According to a document posted on DMO’s website, the lowest indebted states are Anambra, Yobe and Jigawa.

While Anambra State owes N3.9 billion, Yobe State owed N13.5 billion and Jigawa State with N19 billion.

Other debtors include the FCT with N152.8 billion, Osun State with N147 billion, Rivers State N142.4 billion and Bayelsa N140.1 billion.

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. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

more recommended stories

%d bloggers like this: