Lagos, Delta, and Ogun State led the list of Nigerian states with the highest domestic debt stock as of the end of June 2022, accounting for more than 25% of the total domestic debts of the federation’s 36 states, including the Federal Capital Territory (Abuja).
This is according to the Debt Management Office’s data on Nigeria’s debt stock as of the second quarter of 2022. The aggregate domestic debt stocks of all states in the country increased to N5.28 trillion as of June 2022, an N438.44 billion increase from the previous quarter’s N4.84 trillion.
Furthermore, when compared to the same period the previous year, the states’ domestic debts increased by N1.16 trillion to N4.12 trillion as of June 2021. Meanwhile, Nigeria’s total public debt stock reached a new high of $103.31 billion during the period under review.
A further breakdown of the data revealed that domestic debt accounted for 61% (or $63.25 billion) of total debt, while external debt accounted for 39%. Surprisingly, total debt stock has risen by $16.74 billion in the last year.
Delta, Oyo, and Abuja had the highest year-on-year percentage growth, while Lagos, Delta, and Ogun State had the highest year-on-year actual value growth.
Southern regions top list
The southwestern region of the country had the highest domestic debt stock, with an aggregate debt of N1.53 trillion, owing largely to Lagos and Ogun State. Meanwhile, the region’s domestic debt increased by N68.46 billion in three months and by N460.32 billion in a year.
The South-South region was second, with an aggregate N1.25 trillion in domestic debt as of June 2022, driven by Delta and Rivers State debt figures.
North Central had a total domestic debt stock of N718.87 billion, while North East had N663.39 billion. Furthermore, the North-West recorded a domestic debt stock of N581.26 billion, while the Southeastern region had the lowest debt stock at N539.44 billion.
Top states by domestic debt
Below is the breakdown of the top states in the country with the highest domestic stock as of June 2022.
Lagos State – N797.3 billion
As of June 2022, Lagos State had the highest domestic debt stock, accounting for 15.1% of the total domestic debt owed by the 36 federation states, including Abuja. Lagos State’s domestic debt increased by 2.16% year on year, from N780.48 billion in March 2022 to N797.31 billion in June 2022.
Domestic debts of the country’s economic hub increased by 49.4% year on year, from N533.81 billion in 2021 to N533.81 billion in 2022.
Delta State – N378.88 billion
Delta State, a major oil-producing state in the country, recorded a total domestic debt stock of N378.88 billion as of June 2022, accounting for 7.2% of the total states’ domestic debt stock and placing a distant second on the list.
Delta State’s domestic debt profile increased by 131.8% quarter on quarter from N163.48 billion, while domestic debt stock increased by 84% year on year from N205.92 billion in June of last year.
Ogun State – N241.78 billion
As of June 2022, Ogun State, a neighboring state of Lagos, ranks third on the list of states with the highest domestic debt, accounting for 4.6% of the total. Ogun State’s domestic debt stock increased by 55.4% compared to N155.57 billion in the same period in 2021.
However, it fell by 0.08% when compared to the previous quarter (N241.98 billion).
Rivers State – N225.51 billion
Rivers State recorded a total domestic debt stock of N225.51 billion as of June 2022, representing 4.3% of the total states’ domestic debts. The debt stock of Rivers State increased by 5.8% on a year-on-year basis from N213.17 billion recorded as of June 2022, however, it remained unchanged in the past three months.
Imo State – N210.39 billion
Imo State ranked fifth on the list, with a total domestic debt stock of N210.39 billion as of June 2022, accounting for 4% of the total debt profile of the states. Imo State’s domestic debt stock increased by 40.7% year on year, reaching N149.51 billion in June 2021.
Imo State’s domestic debt stock increased by 2.83% from N204.61 billion in March 2022 to N204.61 billion in April 2022.
- Akwa Ibom – N203.95 billion
- Cross River – N176.09 billion
- Oyo – N159.91 billion
- Osun – N150.53 billion
- Bayelsa – N150.43 billion