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Lagos, Four Others Owe 33.4% Of N4.19Trn Sub-national Debt

The Debt Management Office (DMO) has reported that Lagos, Rivers, Delta, Akwa Ibom, and Cross River State accounted for about N1.40 trillion, representing 33.4 percent of the N4.19 trillion domestic debt owed by state governments and the Federal Capital Territory at the end of the third quarter of 2020

The DMO, in its latest data on domestic debt stock, indicated that the N4.19 trillion debt represented 20.91 per cent of the country’s domestic debt stock totalling N20.04 trillion as of Q3 2020. The figure showed a growth of about N39 billion from the N19.65 trillion accumulated in the previous quarter.

According to the data by the Office, the sub-national governments’ domestic debt rose by N484.24m in Q3 2020 compared to the Federal Government’s which rose by N390 billion to peak at N15.85 trillion during the reported quarter.

A further analysis of the five most indebted states’ debt stocks showed that Lagos owed N493.32 billion or 11.77 per cent of sub-national governments’ total domestic debt during the quarter under review while Rivers State debt stock rose to N266.94 billion, representing about 6.37 per cent of the sub-national domestic debt stock as at Q3, 2020.

Others’ debt stocks are Akwa Ibom, N239.21 billion, representing 5.71 per cent of the total sub-national domestic debt; Delta, N235.86 billion or 5.63 per cent of the total sub-national domestic debt, Cross River, N164.10 billion, representing 3.92 per cent of the sub-national domestic debt stock.

Other states’ domestic debt stocks are Imo State, with a debt of N158.17 billion; Ogun, N150.09 billion; Bayelsa, N147.89 billion; Osun, N134.89 billion; Benue, N128.50 billion; and Plateau, N127.01 billion.

Also, Taraba State had a debt stock of N122.75 billion; Kano, N116.99 billion; Adamawa, N116.89 billion; and Oyo, N99.94 billion.

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