Many States borrowed more between the first and second quarters of 2022, according to the Debt Management Office (DMO). The 36 States and the Federal Capital Territory owed N4,842,838,992,386.22 in domestic debt as of March. However, as of the end of June, this had increased to N5,281,277,033,703.91.
Lagos State has borrowed a total of N797,305,312,602.53 as of the time under review. This demonstrates that Lagos’ debt profile has risen from the N780,476,880,563.06 value it had as of March 31, 2022.
The debt stock of Delta State also increased dramatically during the course of the three months. The internal debt of Delta has climbed during Governor Ifeanyi Okowa’s administration from N163,478,454,259.54 in March of this year to N378,878,236,830.76. From March to June of this year, this indicates a rise of more than 100%.
Ogun, on the other hand, owes N241,782,021,304.96 in total. Ogun’s debt amount has somewhat decreased from the N241,979,216,147.55 it was in March, despite the fact that it still ranks among the top three most indebted States.
According to a record made public by the Debt Management Office, Rivers is in fourth place with a debt stock of N225,505,011,356.50. According to the DMO, the debt amount for Rivers State was as of September 30, 2021. The South-South State refused to update its debt profile more than a year ago without providing an explanation.
Imo State ranks sixth, according to DAILY POST, with a domestic debt of N210,394,836,519.93. The DMO data indicates that the State has increased its borrowing because Imo’s debt in March was N204,612,397,430.39.
Having borrowed a total of N203,951,611,822.07, Akwa Ibom is ranked sixth. The N203,112,373,546.77 it had in the first three months of the year has increased somewhat to this amount.
According to information obtained, as of the time of review, Cross River owes N176,086,197,586; Oyo borrowed N159,906,877,910; Osun and Bayelsa each owe N150 billion; while Plateau and Benue State, respectively, owe N144.60 billion and N143.54 billion.
Bauchi has borrowed up to N129 billion, Kano up to N125 billion, Gombe up to N123.6 billion, Adamawa up to N120.6 billion, Ekiti up to N119.5 billion, Zamfara up to N115.7 billion, Edo up to N112.1 billion, Kwara up to N110.5 billion, Abia up to N107.6 billion, and Borno up to N102.4 billion.
Additionally, Yobe State has a domestic debt profile of over N96.6 billion, followed by Taraba with N90.8 billion, Kogi with N90.5 billion, Sokoto with N89.9 billion, Enugu with N89.9 billion, Niger with N80.9 billion, Kaduna with N78.1 billion, the FCT with N75.7 billion, Nasarawa with N72.9 billion, and Anambra with N72.4 billion.
Jigawa is the State with the lowest debt profile, according to DAILY POST, having borrowed N45,135,377,621.30. Between March and June 2022, Jigawa’s debt level increased by more over N3 billion. Jigawa’s internal debt was at N41,629,971,249.71 as of March.
Following Jigawa in terms of revenue are Ebonyi (N59.1 billion), Kebbi (N60.4 billion), Ondo (N62.2 billion), and Katsina (N66.6 billion).
In the meanwhile, a large number of Nigerians have persisted in looking for answers regarding the methods of obtaining these loans, the repayment schedules, and the purposes for which the money is borrowed.