- The DMO has revealed that some state governors outperform their colleagues in terms of debt management
- In three years, the governors successfully reduced the amount of domestic debt on their governments' books
- Sanwo Olu and Okowa, on the other hand, are at the top of a long list of states that have borrowed N1.3 trillion from citizens
The Debt management office has revealed domestic debt data for the 36 states of the federation and the Federal Capital Territory.
The data shows that as of June 20, 2022, the total debt stands at N5.28 trillion, increasing from N3.96 trillion in June 2019.
This means that the states have borrowed 1.3 trillion within the three-year period under review.
Trends on how Government borrowed
The breakdown shows that Lagos, Delta and Ogun are the three States with the highest domestic debt figures in Nigeria as of June 30, 2022.
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Lagos State debt grew from N479bn (N479,047,606,006.32) it was in 2019 to N797,30 billion in 2022.
This shows that Lagos state governor Babajide Olusola Sanwo-Olu has borrowed N318.25 billion in three years.
For Delta, Governor Ifeanyi Okowa’s administration has increased the domestic debt of the states to N378.87 billion. As at 2019, the total domestic debt of the states stood at N233.56 billion.
On the other hand, Ogun is owing a total of N241.78 billion to stand among the top three most indebted States.
Top 5 states with the highest domestic debt
- Lagos- N797.30bn
- Ogun- N378.87bn
- Delta- N241.78bn
- Imo- N210.39bn
How much governors borrowed in the last three years
- Lagos- N318.25bn
- Delta- N145.31bn
Best performing Governors on debt
Analysis of the report shows that despite increased borrowing among Governors during the period under review, six states reduced their debts
The states are FCT, Rivers, Akwa Ibom, Nassarawa, Kaduna and Kogi.
See full list of much states are owing here.
Nigerian Government Spends N41.9 billion on debt servicing
In another report Legit.ng revealed that Nigeria’s monthly debt servicing increased by $31.46 million in one month to $101.29 million in January,
Using figures released by the Central Bank of Nigeria (CBN) debt servicing jumped by 45 per cent jump month-on-month.
The CBN said in its data on debt service repayment that the federal government spent about $69.83 on debt service repayment in December.