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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