Lagos, FCT debt figures soar as Rivers, Ogun, Kano, others fail to update data

The domestic debt profile of Lagos State has risen to N877,035,995,031.70 from the N797,305,312,602.53 it was as of June 30, 2022.

A new report from the Debt Management Office (DMO) indicated that the Lagos State Governor, Babajide Sanwo-Olu borrowed N79.7 billion in domestic debt between July 1 and September 30, the third quarter of 2022.

This is way above what took place In the year’s second quarter. DMO documents showed that the Lagos government borrowed less than N17 billion between April and June.

With the latest report, Lagos State maintains a distant lead as the most indebted state in Nigeria, followed by Delta State with N272.6 billion.

Newspot observed that the Delta State debt figure, which was N378.8 billion as of June 30, drastically reduced by over N100 billion by September 30.

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Ogun is the third state with the highest debt stock in Nigeria. The Gateway State has a domestic debt figure of N241.7 billion. The figure was the same as what was released in June. It could not immediately be ascertained why the Gateway State failed for the first time to update its data.

According to the DMO, Rivers State is fourth, owing N225.5 billion domestically. However, this may not represent the correct financial standing of the State as far as borrowing is concerned. The figure released in the latest report of the Debt Management Office for Rivers was as far back as December 2021.

In the first three quarters of 2022, Governor Nyesom Wike’s government has yet to update its debt data, making it impossible to know whether the figure is increasing or reducing.

It was noted that Akwa Ibom has a borrowing of N219.6 billion to make it fifth. The state’s debt profile rose by over N15 billion from the N203 billion it was in June.

Likewise, Imo State has over N207 billion hanging around its neck. To be in the sixth position, the state’s debt figure has reduced by about N3 billion since the year’s second quarter.

Cross River’s debt reduced by N1 billion in September, making it the seventh most indebted state in Nigeria, with N175 billion.

Unlike Cross River, Governor Seyi Makinde’s Oyo State had its debt increased to N160.06 billion from N159.90 billion three months ago, ranking it as the eighth state on the list.

Plateau and Bayelsa states follow Oyo, the duo of which owe N151.90 billion and N151.15 billion to emerge ninth and tenth, respectively. While Plateau borrowed about N7 billion within seven months, Bayelsa’s is less than N1 billion.

It was observed that Osun has a debt stock of N149.4 billion; Bauchi, N144.3 billion; Benue, N143.2 billion; Gombe, N139.09 billion; Kano, N125.18 billion; Adamawa, N122.48 billion; Ekiti, N118.45 billion and the Federal Capital Territory, N112.48 billion, from N75.78 billion.

Also, Edo has borrowed N110.99 billion; Zamfara owes N109.69 billion; Kwara has N109.55 billion debt; Abia borrowed N104.57 billion; Niger increased its borrowing from N80.91 billion to N98.26billion; Borno has N96.32 billion debt; Yobe owes N92.85 billion; Taraba is indebted to the tune of N90.80 billion and Kogi is owing up to N90.15 billion.

In the same vein, Enugu has N89.88billion debt; Kaduna has borrowed more, from N78.19 in June billion to N86.86 billion in September; Sokoto owes N85.58 billion; Ondo also increased its debt profile from N62.27 billion to N78.82 billion; Anambra borrowed over N2 billion in the past three months to arrive at N75.69 billion debt figure; while Nasarawa owes N72billion.

Newspot reports that Jigawa remains the lowest indebted state in Nigeria, with N44.40 billion debt.

Jigawa is followed by Kebbi with N60.13 billion; Katsina with N62.37 billion and Ebonyi with N67.06 billion

“The Domestic Debt Stock for thirty-one (31) States of the Federation and FCT: Abia, Adamawa, Akwa Ibom, Anambra, Bauchi, Bayelsa, Benue, Borno, Cross River, Delta, Ebonyi, Edo, Ekiti, Gombe, Imo, Jigawa, Kaduna, Katsina, Kebbi, Kogi, Kwara, Lagos, Nasarawa, Niger, Ondo, Osun, Oyo, Plateau, Sokoto, Yobe, Zamfara were as at September 30, 2022, while Domestic Debt Stock for sixteen (16) States: Adamawa, Anambra, Benue, Borno, Cross-River, Ebonyi, Edo, Ekiti, Enugu, FCT, Kano, Ogun, Ondo, Oyo and Taraba States were as at were as at June 30, 2022.

“Rivers State was as at September 30, 2021 and Katsina States was as at December 31, 2021,” the DMO said.

As of the time under review, the 36 States and the FCT owe up to N5.363 trillion as domestic debt.