By Nkoli Opara (AGENDAWATCHDOG) – According to latest statistics from the Debt Management Office, Lagos, Rivers, Delta, Akwa Ibom and Cross Rivers States are the five most indebted in the country.
DMO’s report showed that the domestic debts owed by state governments and the Federal Capital Territory rose to N4.19tn at the end of the third quarter of 2020, with Lagos, Rivers, Akwa Ibom, Cross Rivers and Delta as the five most indebted, with a combined debt stock of 4.19tn, representing 20.91 per cent of the country’s domestic debt stock of N20.04tn as of Q3 2020, up from N19.65tn in the previous quarter.
DMO’s statistics also showed that subnational governments’ domestic debts increased by N484.24m in Q3 2020, with the Federal Government’s debt stock rising from N390bn to N15.85tn, while Lagos and four oil-producing states – Rivers, Akwa Ibom, Delta and Cross River – emerged as the top five debtors, with a combined domestic debt stock of about N1.40tn, accounting for 33.41 per cent of the total domestic debt owed by the subnational governments in the country as of September 30, 2020.
Lagos owed N493.32bn as of Q3 2020, accounting for 11.77 per cent of subnational governments’ total domestic debt; Rivers has a domestic debt stock of N266.94bn, which represents 6.37 per cent of the country’s subnational domestic debt stock; Akwa Ibom’s domestic debt stood at N239.21bn, representing 5.71 per cent of the total domestic debts owed by subnational governments as of Q3 2020; Delta accounts for 5.63 per cent of the total subnational domestic debt, as it owed N235.86bn as of September 30, 2020, while Cross River has a domestic debt stock of N164.10bn. This represents 3.92 per cent of the subnational domestic debt stock.