Debt Stock: Nigeria's Most Indebted Geopolitical Zones in 2022

Debt Stock: Nigeria's Most Indebted Geopolitical Zones in 2022

  • As of March 2022, Nigeria's stock debt stock stood at N41.60 trillion, the Debt Management Office says
  • However, Nigeria's debt is made up of ones owed by the states, including the Federal Capital Territory and the federal government.
  • The debts owed by the six geopolitical zones in Nigeria are calculated based on the states in each region.

According to data from the Debt Management Office (DMO), Nigeria's total debt stock has hit over N41 trillion as of March 2021.

The breakdown of the debt, tabulated by Legit.ng shows that the various states in Nigeria contribute immensely to the national debt stock.

Geopolitical zones, External debt profile
President Muhammadu Buhari Credit: State House
Source: Facebook

Nigeria's total debt stock

According to reports, Nigeria's total public debt stock rose from N39.56 trillion in December 2021 to N41.60 trillion, $100.07 billion in the first three months of 2022, January to March, the Debt Management Office (DMO) revealed yesterday.

Read also

Dangote set to borrow N112 billion from Nigerians to complete refinery project, full repayment date in 10yrs

PAY ATTENTION: Join Legit.ng Telegram channel! Never miss important updates!

The debts include the debt obligations of the federal government, states and the Federal Capital Territory.

Also, the domestic debt service obligations of the federal government stood at N668,685, 710,112.98 in the first three months of 2022.

The DMO said that with the spike in Nigeria's debt stock, its total public debt-to-gross domestic product (GDP) currently stands at 23.27 per cent, as against 22.43 per cent on December 31, 2021.

In a statement posted on its website, the DMO stated that the amount represented the domestic and external debt stocks of the Federal Government of Nigeria, the 36 state governments and the Federal Capital Territory. The relative figures for December 31, 2021, were N39.56 trillion or $95.78 billion.

The total public debt stock, the agency said, included new domestic borrowing by the FGN to partly finance the deficit in the 2022 Appropriation Act, the $1.25 billion Eurobond issued in March 2022 and disbursements by multilateral and bilateral lenders.

Read also

Nigeria gets $1.8bn loan from Islamic bank, search for land to build headquarters in the country begins

Legit.ng findings

According to data posted by the DMO, the federal government's total domestic debt as of March 31, 2022, stood at N20.144 trillion (N20,144,027,724,703).

Findings by Legit.ng reveal that the South-South is the most heavily indebted region in Nigeria, followed by the North West, while the South East is the least indebted region.

North Central region is the most indebted region, followed by North West while the indebted region is North East.

The breakdown of the debts by region is as follows:

  • North East: $177,150,566
  • North West: $847,935,824
  • North Central: $3,480,761,166
  • South West: 2,730,199,816
  • South East: 474,222,501
  • South-South: $4,092,399,286

States in Nigeria with the highest external debts as national debt stock hits $41.77 billion

Recall that Legit.ng reported that according to the Debt Manage Management Office (DMO) Nigeria’s debt stock has hit about $41.77 billion as of March 2022.

A good number of these debts are external borrowings by states in Nigeria which contribute a large chunk of the total debt stocks.

Of the total external debt stock, Lagos State, Kaduna and Cross River are the leading states in Nigeria.

Source: Legit.ng

Online view pixel