LAGOS, OGUN, RIVERS LEAD AS STATES’ DEBTS HIT N6.43TN IN 2021–DMO.
Written by awawa on March 23, 2022
The domestic debts owed by state governments and the Federal Capital Territory Administration rose to N6.43tn at the end of 2021.
While sub-national domestic debt stock was N4.46tn, the sub-national external debt stock was N1.97tn in 2021.
Lagos, Ogun and Rivers became the three most indebted states, according to the latest data from the Debt Management Office.
The N4.46tn domestic debt represents 11.27 per cent of the country’s domestic debt stock of N23.70tn as of December 2021, up from N20.21tn in the previous year.
Lagos, Ogun, Rivers, Akwa Ibom, and Imo emerged as the top five debtors, with a combined domestic debt stock of about N1.56tn.