Top10 Nigerian States Under Financial Debt in 2024

The Debt Management Office (DMO) of Nigeria has announced that as of March 31, 2024, the country’s total public debt reached N121.67 trillion (approximately $91.46 billion).

This total reflects the debts of the Federal Government of Nigeria, all thirty-six state governments, and the Federal Capital Territory.

At the close of December 2023, the total public debt was N97.34 trillion (about $108.23 billion). This represents a substantial increase of N24.33 trillion or nearly 25% within just three months.

The primary cause for this increase is the devaluation of the naira, which led to a reduction in the debt’s dollar value by $16.77 billion or 18.34%.

With rising costs for debt servicing, states have been striving to lower their debt burdens. In the first quarter of 2024, the total domestic debt of states dropped by 31% from N5.86 trillion at the end of 2023 to N4.07 trillion, and by 26% from the same period a year earlier.

Despite these efforts, some states still carry significant debt. 

Here are the top 10 Nigerian states with the highest domestic debt as of the first quarter of 2024:

1. Lagos

Lagos leads with the highest domestic debt, which grew to N929.41 billion, up 14% from the previous year. However, there was an 11% decrease from the end of 2023.

2. Delta

Delta lowered its domestic debt to N334.90 billion, marking a 21% decrease from last year and about 10% from the end of 2023.

3. Rivers

Rivers kept its domestic debt at N232.58 billion from the end of 2023 to the start of 2024, a slight increase of over 3% from the previous year.

4. Ogun

Ogun decreased its debt to N221.22 billion, a reduction of 25% from last year and about 21% from the end of 2023.

5. Imo

Imo reduced its debt to N163.06 billion, down about 20% from last year and 25% from the end of 2023.

6. Cross River

Cross River cut its debt down to N156.17 billion, a 20% decrease from last year and about 29% from the end of 2023.

7. Akwa Ibom

Akwa Ibom’s debt was reduced to N142.93 billion, a 31% drop from last year and 25% from the end of 2023.

8. Benue

Benue reduced its debt to N116.73 billion, a decrease of 17.38% from last year and 37.62% from the end of 2023.

9. Abia

Abia’s debt rose to N113.71 billion, up 14.22% from the previous year but down 17.99% from the end of 2023.

10. Bauchi

Bauchi significantly lowered its domestic debt from N144.54 billion the previous year to N108.39 billion, representing a 25.01% decrease, and from N160.81 billion at the end of 2023, a 32.62% decrease.

As the economic situation evolves, states continue to manage their finances under significant scrutiny, with the DMO closely monitoring and reporting these changes to ensure fiscal stability and transparency.

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