New State Governors Inherit N3.9tn Debts

Ondo State House of Assembly
  • New State Governors Inherit N3.9tn Debts

Huge debts amid low Internally Generated Revenue (IGR) is one of the key issues the newly sworn-in state governors, especially 12 first timers, will face going forward.

According to the domestic debt data released for the 36 states and the Federal Capital Territory, FCT, Abuja in December 2018, the states are indebted to the tune of N3.853 trillion.

Lagos state top the list of debtors with N530.244 billion, higher than the N309.920 billion debt stock of the five South-East states, N403.028 billion of the North East and N433.682 billion of the North West.

New Lagos governor, Babajiide Sanwo-Olu, will have to devise a means to ease the huge debt burden of N530.244 billion.

Trailing Sanwo-Olu is Governor Emeka Ihedioha of Imo State, who will have to handle N98.782 billion debt. Others include Dapo Abiodun of Ogun (N98.717 billion), Bala Mohammed of Bauchi (N92.367 billion), Seyi Makinde of Oyo (N91.516 billion), and Umaru Fintiri of Adamawa (N89.659 billion). Gboyega Oyetola of Osun had earlier inherited a debt of N148.101 billion like his Ekiti State counterpart, Dr Kayode Fayemi, who inherited N118.011 billion debt.

The least indebted states are Anambra (N33.491 billion), Jigawa (N35.163 billion), Katsina (N30.853 billion as of 2017), Sokoto (N38.605 billion), and Niger (N41.832 billion).

The most indebted are Lagos (N530.244 billion), Delta (N228.806 billion), Rivers (N225.593 billion), Akwa Ibom (N198.633 billion), Cross River (N167.956 billion), Osun (N148.101 billion), Bayelsa (N130.044 billion), Ekiti (N118.011 billion), Kano (N117.082 billion), and Plateau (N100.367 billion).

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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