Lagos, Delta, and Ogun State had the highest domestic debt stock as of June 2022, accounting for over 25% of the total domestic debts of the 36 states and the Federal Capital (Abuja).
This is according to data from the Debt Management Office for the second quarter of 2022. Total state domestic debt rose to N5.28 trillion in June 2022, up N438.44 billion from the previous quarter.
Comparatively, states’ domestic debts rose by N1.16 trillion from N4.12 trillion in June 2021. Nigeria’s public debt reached a record $103.31 billion during the review period.
Domestic debts made up 61% ($63.25 billion) of total debt, while external debts made up 39%. In the last year, total debt rose by $16.74 billion.
Delta, Oyo, and Abuja had the highest percentage growth, while Lagos, Delta, and Ogun State had the highest actual growth.
Top southern regions
Lagos and Ogun State largely drove the southwestern region’s N1.53 trillion domestic debt stock. The region’s domestic debt rose by N68.46 billion in three months and N460.32 billion in one year.
The South-South had N1.25 trillion in domestic debt as of June 2022, driven by Delta and Rivers States.
North Central has N718.87 billion in domestic debt, while North-east has N663.39 billion. North-west recorded N581.26 billion in domestic debt, while southeastern recorded N539.44 billion.
Top-debt states
The states with the most domestic stock as of June 2022 are listed below.
Lagos: N797.3 billion
Lagos State had the highest domestic debt stock in June 2022, at 15.1% of the total owed by the 36 states and Abuja. Lagos State’s domestic debt increased by 2.16 percent from March 2022 to June 2022, from N780.48 billion to N797.31 billion.
The economic hub’s domestic debts rose 49.4% from N533.81 billion in 2021.
Delta: N378.88 billion
Delta State, a major oil-producing state, had N378.88 billion in domestic debt as of June 2022, accounting for 7.2% of the total states’ domestic debt.
Delta State’s domestic debt increased by 131.8% quarter-on-quarter from N163.48 billion, and by 84% year-on-year from N205.92 billion in June 2017.
Ogun: N241.78 billion
Ogun State, a neighbor of Lagos, has 4.6% of the total domestic debt as of June 2022. Ogun State’s internal debt rose 55.4% from N155.57 billion in 2021.
It fell 0.08% from the previous quarter (N241.98 billion).
Rivers: N225.51 billion
Rivers State had N225.51 billion in domestic debt in June 2022, 4.3% of the total. Rivers State’s debt stock rose 5.8% from N213.17 billion in June 2022, but it remained unchanged in the past three months.
Imo: N210.39 billion
Imo State ranked fifth with N210.39 billion in domestic debt as of June 2022, contributing 4% to total state debt. Imo State’s domestic debt rose 40.7% from N149.51 billion in June 2021.
Imo State’s domestic debt rose 2.83 percent from N204.61 billion in March 2022.
Akwa Ibom: N203.95 billion
Cross River: N176.09b
Oyo: N159.91b
Osun: N150.53bn
Bayelsa: N150.43b
