20 states reduced their domestic debts by N62bn in three months

DATA from the Debt Management Office (DMO) have shown that the total domestic debt figure for the 36 states and the Federal Capital Territory (FCT) rose by N141.2 billion in three months.

In December 2022, the figure stood at N5.33 trillion, but by the end of March 2023, the figure had increased to N5.5 trillion. 

Within that period, only 20 out of 36 states reduced their domestic debts by N62 billion. The 20 states had a combined debt profile of N2.34 trillion in December 2022.

The states were Abia, Akwa Ibom, Anambra, Bayelsa, Borno, Cross River, Ebonyi, Ekiti, Gombe, Imo, Jigawa, Kaduna, Kebbi, Kogi, Kwara, Ondo, Osun, Plateau, Yobe and Zamfara. 

Zamfara state led with the highest reduction in three months, dropping its debts by almost 13 per cent, from N112.2 billion in December 2022 to N98.1 billion in March 2023. 

It was followed by Akwa Ibom with 6 per cent, Bayelsa with 4.3 per cent, and Abia with a 4 per cent decrease. The states with the lowest reduction figures were Anambra (0.50 per cent), Cross River (0.50 per cent), Kebbi (0.60 per cent) and Plateau (0.60 per cent)

The ICIR had reported how 10 reelected governors increased their debt profiles by a total of 54.9 per cent during the first four years of their administrations.

Another report disclosed how the newly elected governors inherited domestic and external debts of N2.1 trillion and $1.9 billion respectively upon assumption of office. 



    Meanwhile, 11 states and the FCT increased their domestic debt profiles within three months. Their domestic debts rose from a combined total of N2.35 trillion to N2.56 trillion, from December 2022 to March 2023. 

    Lagos, Delta, Ogun and Oyo states ranked the highest increase within the period. 

    Five states maintained the same debt profiles within the three months. This means that the states did not borrow any money from creditors in the country at the time of this collation.

    The five states are Benue, Kano, Katsina, Rivers and Taraba.

    Kehinde Ogunyale tells stories by using data to hold power into account. You can send him a mail at [email protected] or Twitter: Prof_KennyJames

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