The Debt Management Office (DMO) has said that Rivers, Lagos and Akwa Ibom states are the three most indebted states in Nigeria, accounting for 29 per cent of Nigeria’s subnational domestic debt.
This was disclosed in the recent data released by the agency for the second quarter of 2021.
According to the DMO, subnational domestic climbed to N4.12 trillion in the second quarter of the year (Q2), as Nigeria’s total known debt is at N35.46 trillion, representing an N2.36 trillion increase compared to the N33.10 trillion recorded in March 2021 (Q1).
According to the data, Lagos accounted for N533.81 billion (13%) of Nigeria’s total subnational domestic. Akwa Ibom seconded with a total debt of N247.27 billion (6%), and Rivers with an N213.17 billion (5%) deficit, making it the third indebted state.
As highlighted in the data, other states with startling domestic debts include Delta, Cross rivers and Ogun with N205.92 billion, 161.55 billion, and 155.57 billion, respectively.
Also, Bayelsa, Imo and Osun states accounted for N150.61 billion, N149.51 billion and N133.36 billion each.
Federating states like Jigawa and Ebonyi stood as the least indebted states with debt rates of N32.60 billion and 43.39 billion while the Federal Capital Territory (FCT) and Kebbi state incurred an overall debt of 52.71 billion and N52.93 billion, respectively.
In total, the South-West geo-political zone of the country accounts for a domestic debt burden of N1.07 trillion (26%), followed by the oil-rich South-South region, with a total of N1.05 trillion (26%) and the North-central with a cumulative debt of N580.24 billion (14%).
The least fewer burden regions include the North-West, which accounts for N517.43 billion (13%), while the North-East and South-East cover a total of N515.19 billion (12%) and N386.46 billion (9%).
