The Debt Management Office, DMO, has said that Lagos state government has the highest domestic debt figure of N658.95 billion borrowed as at the end December, 2021.
The DMO disclosed that the total domestic debt profile for the 36 states and the Federal Capital Territory, FCT, has risen from N4.45 trillion to N4.19 trillion in September last year.
According to a report by the Office, Lagos which domestic debt stood at N532.12 billion as of September 30, 2021, is now owing N658.95 billion as at the end of December, 2021.
With an increase of N126.83 billion in the last three months of the year 2021, Lagos therefore has the highest domestic debt figure as of the time under review.
DMO said Ogun state is second with a total of N232.62 billion debt as of December. The state’s debt profile rose from N192.41 billion to N232.62 within three months, making a debt increase of N40 billion.
The third in the series is Rivers state with N225.50 billion, which domestic debt reduced by about N850 million.
While Akwa Ibom state’s debt stands at N214.60 billion rising from N234.85 billion in September, the domestic debt of Imo state soared from N151.31 to N205.18; that’s an increase of N53.87 from October to December, 2021.
Cross River owes N159.81 billion, while Bayelsa, Delta, Plateau, Oyo, Osun and Benue owe N154.613bn, N154.61 billion, N150.49 billion, N142.56 billion, N134.70 billion and N128.34 billion, respectively.
While Kano owes N111.89, other states and the FCT have domestic debts lower than N100 billion.
Jigawa and Ebonyi have the lowest domestic debt of N31.35 billion and N42.16 billion, respectively.
