The domestic debt owed by state governments and the Federal Capital Territory Administration (FCTA) hiked to N4.2 trillion at the end of the third quarter (Q3) of 2021 from N4.12 trillion in quarter 2 (Q2).
According to the latest data from the Debt Management Office, Lagos, Rivers, and Akwa Ibom are the three most indebted.
The N4.2 trillion debt represents 23.04 per cent of Nigeria’s domestic debt stock of N18.23tn as of Q3 2021, down from N21.75tn in the previous quarter.
Lagos, Ogun, and three oil-producing states – Rivers, Akwa Ibom, and Delta – emerged as the top five debtors, with a combined domestic debt stock of about N1.39tn.
The five states account for 33.1 per cent of the total domestic debt owed by the subnational governments as of September 30, 2021.
Lagos owed N532.12bn as of Q3 2021; Akwa Ibom, N234.85bn; Rivers, N226.35bn; Delta, N207.17bn, and Ogun N192.42bn.
According to the DMO, the domestic debt stock figure for Rivers State was as of June 30, 2021.
Other states with high domestic debts include Cross River, with a debt of N160.69bn; Bayelsa, N145.8bn; Imo, N151.31bn; Osun, N132.64bn; Plateau, N145.86bn; Kano, N102.35bn; Benue, N128.35bn; Oyo, N93.26bn; and Enugu, N69.17bn.
