Delta State Domestic Debt Jumps by 100 Percent Within Three Months

Within three months, Delta State’s debt profile rose from N163 billion in March 2022 to N378 billion in June 2022. 

Investors King learnt that Lagos, Delta and Ogun are the three states with the highest domestic debt figures in Nigeria. 

According to a report released by the Debt Management Office (DMO), Delta state recorded the biggest within the three months of March to June 2022. The report also indicated that many states have also borrowed within the months under review. 

A closer look shows that in March, the 36 States and the FCT had a domestic debt of N4.8 trillion. However, this has risen to N5.2 trillion as of the end of June 2022.

Delta State’s debt profile increased from N163 billion in March to N378 billion in June 2022. Lagos State has the highest debt profile of N797.3 billion. Figures show that Lagos State’s debt as of March 2022 was N780.4 billion.

Ogun on the other hand is owing a total of N241.7 billion. Although it stands among the top three most indebted States, its debt figure has marginally reduced from the N241.9 billion it was in March 2022.

River State has the fourth highest domestic debt of N225.5 billion. Although the oil-rich state has refused to update its debt profile since over a year ago. Imo State which has the fifth highest debt profile borrowed about N6 billion within the period under review.

Jigawa State has the lowest debt profile of N45.1 billion. However, the debt profile of the state also rose by over 3 Billion between March and June 2022. As of March, Jigawa’s domestic debt was N41.6 billion.

Other states with a relatively low debt profile, when compared to other states, include Ebonyi with N59.1billion, Kebbi State with N60.4billion, Ondo State with N62.2billion and Katsina State with N66.6billion.

Meanwhile, Investors King understands that the decrease in the Federal Allocation Account (FAAC) due to the non-remittance of NNPC Limited and the preparation for the 2023 general election are some of the factors fuelling the rise in domestic debt. 

Full List of the Domestic Debt as of June 2022 (Source: Debt Management Office )

Lagos            N797.3 B

Delta.            N378.8 B

Ogun.            N241.7 B

Rivers.           N225.5 B

Imo.               N210.3 B

A.Ibom.          N203.9 B

Cross River   N176.0 B

Oyo.              N159.9 B

Osun.            N150.0 B

Bayelsa.        N150.0 B

Plateau.         N144.6 B

Benue.           N143.5 B

Bauchi.          N129.0 B

Kano.             N125.0 B

Gombe.          N123.6 B

Others include 

Adamawa.    N120.6 B

Ekiti.              N119.5 B

Zamfara.       N115.7 B

Edo.               N112.1 B

Kwara.           N110.5 B

Abia.              N107.6 B

Borno.           N102.4 B

Yobe.             N96.6 B

Taraba.          N90.8 B

Kogi.              N90.5 B

Sokoto.          N89.9 B

Enugu.           N89.9 B

Niger.             N80.9.B

Kaduna.         N78.1 B

FCT.                N75.5 B

Nassaraw.      N72.9 B

Anambra.       N72.4 B

Katsina.          N66.6 B

Ondo.             N62.2 B

Kebbi.             N60.4 B

Ebonyi.           N59.1 B