As Rivers, Ogun, Kano, and other states neglect to update statistics, Lagos and the Federal Capital Territory’s debt levels skyrocket

Why government will continue to borrow to fund budget — DMO

Lagos State’s domestic debt profile has increased from N797,305,312,602.53 as of June 30, 2022 to N877,035,995,031.70.

According to a recent report from the Debt Management Office (DMO), Babajide Sanwo-Olu, the governor of Lagos State, borrowed N79.7 billion in domestic debt from July 1 to September 30, which is the third quarter of 2022.

This is well above what occurred in the second quarter of the current year. The Lagos government borrowed less than N17 billion between April and June, according to DMO data.

According to the most recent statistics, Delta State is Nigeria’s second-most indebted state with N272.6 billion, well behind Lagos State.

PulseNets noted that by September 30, the Delta State debt, which was at N378.8 billion as of June 30, had significantly decreased by almost N100 billion.

The third-highest debt stock in Nigeria is held by the state of Ogun. The internal debt of the Gateway State is N241.7 billion. The number matched that which was disclosed in June. It was not immediately clear why the Gateway State had neglected to update its statistics for the first time.

With a domestic debt of N225.5 billion, Rivers State ranks fourth, according to the DMO. However, this could not accurately reflect the State’s financial situation in terms of borrowing. The Debt Management Office for Rivers’ most recent report stated a figure that went all the way back to December 2021.

Since Governor Nyesom Wike’s administration has not updated their debt statistics for the first three quarters of 2022, it is difficult to determine whether the amount is rising or falling.

It was revealed that Akwa Ibom is sixth with borrowings totaling N219.6 billion. The state’s debt profile increased from N203 billion in June by over N15 billion.

Similar financial burdens linger over Imo State, totaling approximately N207 billion. The state’s debt amount has decreased by roughly N3 billion since the second quarter of the year, moving it into sixth place.

With N175 billion in debt, Cross River is now Nigeria’s seventh-most indebted state after a N1 billion debt reduction in September.

Oyo State, led by Governor Seyi Makinde, is the eighth state on the list, but in contrast to Cross River, its debt climbed to N160.06 billion from N159.90 billion three months earlier.

Following Oyo, Plateau and Bayelsa states are in ninth and tenth, respectively, owing N151.90 billion and N151.15 billion. Plateau borrowed over N7 billion over the course of seven months, while Bayelsa borrowed less than N1 billion.

Osun’s debt stock is N149.4 billion, Bauchi’s is N144.3 billion, Benu’s is N143.2 billion, Gombe’s is N139.09 billion, Kano’s is N125.18 billion, Adamawa’s is N122.48 billion, Ekiti’s is N118.45 billion, and the Federal Capital Territory’s is N112.48 billion, all from N75.78 billion.

Additionally, Edo borrowed N110.99 billion, Zamfara owed N109.69 billion, Kwara had a debt of N109.55 billion, Abia borrowed N104.57 billion, Niger increased its borrowing from N80.91 billion to N98.26 billion, Borno had a debt of N96.32 billion, Yobe had a debt of N92.85 billion, Taraba had a debt of N90.80 billion, and Kogi had a debt of up

Similarly, Kaduna borrowed more, going from N78.19 in June 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; and Nasarawa owes N72 billion. Enugu has a debt of N89.88 billion.

With a debt of N44.40 billion, Jigawa is still Nigeria’s least indebted state, according to PulseNets.

Following Jigawa in terms of revenue are Kebbi (N60.13 billion), Katsina (N62.37 billion), and Ebonyi (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 June 30, 2022.

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

The 36 States and the FCT owe a total of N5.363 trillion in domestic debt as of the time under review.

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