Lagos, Rivers, Akwa Ibom lead in N4.12tn subnational domestic debts

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The domestic debts owed by state governments and the Federal Capital Territory Administration was at N4.12tn at the end of the second quarter of 2021.

Lagos, Rivers and Akwa Ibom are the three most indebted, according to the latest data from the Debt Management Office.

The N4.12tn debt represents 18.94 per cent of the country’s domestic debt stock of N21.75tn as of Q2 2021, up from N20.64tn in the previous quarter.

Lagos and four oil-producing states – Rivers, Akwa Ibom, Delta and Cross River – emerged as the top five debtors, with a combined domestic debt stock of about N1.36tn.

The five states account for 33.01 per cent of the total domestic debt owed by the subnational governments in the country as of June 30, 2021.

Lagos owed N533.81bn as of Q2 2021, accounting for 12.86 per cent of subnational governments’ total domestic debt.

Akwa Ibom’s domestic debt stood at N242.27bn, representing 5.83 per cent of the total domestic debts owed by subnational governments as of Q2 2021.

Rivers had a domestic debt stock of N213.17bn, which represents 5.10 per cent of the country’s subnational domestic debt stock.

However, according to the DMO, domestic debt stock figures for Rivers State were as at March 31, 2021.

Delta accounts for 5.10 per cent of the total subnational domestic debt as it owed N205.91bn as of June 30, 2021.

Cross River has a domestic debt stock of N161.55bn. This represents 3.88 per cent of the subnational domestic debt stock.

Other states with high domestic debts include Ogun, with a debt of N155.57bn; Bayelsa, N150.61bn; Imo, N149.51bn; Osun, N133.36bn; and Plateau, N132.47bn.

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Others are Kano, with a domestic debt stock of N127.65bn; Benue, N126.93bn; Taraba, N99.89bn; Oyo, N91.98bn; and Adamawa, N90.37bn.

The states with the least domestic debt stocks include

Others are Yobe, N60.23bn; Kwara, N63.66; Enugu, N68.72bn; Niger, N79.25bn; and Sokoto, N80.81bn

The DMO had disclosed that the Nigeria’s total public debt stock rose from N33.11tn as of March 31, 2021 to N35.47tn as of June 30, 2021, representing an increase of N2.36tn or 7.13 per cent increase within the three-month period.

The total external debt stock rose from N12.47tn as of March 31 to N13.71tn as of June 30, indicating an increase of N1.24tn or 9.94 per cent.

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The domestic debt of N21.75tn comprised 61.34 per cent of the total public debt, while external debt of N13.71tn accounted for the balance of 38.66 per cent.

The PUNCH had reported that the Federal Government plans to borrow more to fund its budget for 2022, while it would spend more to service the growing debts as a result.

Speaking at a public hearing organised by the House of Representatives’ Committee on Finance, DMO’s Director-General, Patience Oniha, said that the debt stock would keep increasing as revenue was declining.



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