LAGOS APRIL 2ND (URHOBOTODAY)-Lagos, Delta and Ogun are
the three States with the highest domestic debt figures in Nigeria
as of June 30, 2022, DAILY POST has learnt.
According to the Debt Management Office (DMO), many
States have borrowed more between the first and second quarters of
the year 2022. In March, the 36 States and the Federal Capital
Territory had a domestic debt of N4,842,838,992,386.22. However,
this has risen to N5,281,277,033,703.91 as at the end of
June.
As of the time under review, Lagos State has borrowed a
total of N797,305,312,602.53. This shows that the debt profile of
Lagos has increased from the N780,476,880,563.06 it was in March
31, 2022.
Also, the debt stock of Delta State skyrocketed within the three
months period. From N163,478,454,259.54 in March this year,
Governor Ifeanyi Okowas administration has increased the domestic
debt of Delta to N378,878,236,830.76. This represents over 100
percent increase from March to June this year.
Ogun on the other hand is owing a total of N241,782,021,304.96.
Though it stands among the top three most indebted States, Ogun
debt figure has marginally reduced from the N241,979,216,147.55 it
was in March.
A document released by the Debt Management Office indicates that
Rivers is the fourth with a debt stock of N225,505,011,356.55. The
DMO said Rivers States debt figure was as at September 30, 2021. No
reason was given for the refusal of the South-South State to update
its debt profile over a year ago.
DAILY POST reports that Imo State, with a domestic debt of
N210,394,836,519.93, is the fifth. The State has borrowed more as
the DMO report shows that the debt figure of Imo was
N204,612,397,430.39 in March.
Akwa Ibom is sixth on the list, having borrowed a total of
N203,951,611,822.07. This is a slight increase from the
N203,112,373,546.77 it had in the first quarter of the year.
It was gathered that Cross River has a debt profile of
N176,086,197,586; Oyo has borrowed N159,906,877,910; Osun and
Bayelsa are owing N150billion each, while Plateau and Benue State
owe N144.60billion and N143.54billion, respectively, as of the time
under review.
In the same vein, Bauchi has borrowed up to N129billion; Kano,
N125 billion; Gombe, N123.6billion; Adamawa, N120.6billion; Ekiti,
N119.5billion; Zamfara, N115.7billion; Edo, N112.1billion; Kwara,
N110.5billion; Abia, N107.6billion and Borno, N102.4billion.
...