Delta state’s domestic debts are the highest compared to other states in the South-south region of Nigeria, according to data obtained from the Debt Management Office (DMO).
The DMO published the domestic and external debts profile of Nigeria’s 36 states and the Federal Capital Territory on 23 June and 30 March, respectively.
The data shows the profiles of the sub-national’s domestic debts as of 31 March and external debts as of 31 December 2022.
With N421.8 billion in domestic debts, Delta is the most indebted state in the South-south region. The state ranked second nationally, after Lagos state. Regarding external debts, Delta, with $59.9 million, occupies the fifth position in the South-south region.
Lagos state is the most indebted state in the country for both domestic and external debts. Lagos has a domestic debt profile of N812.4 billion and external debts of $1.3 billion.
Rivers state, the largest economy in the South-south and second in the country after Lagos in terms of Gross Domestic Product (GDP), is the second most indebted state in the South-south, with N225.5 billion as domestic debt.
The Rivers’ domestic debt profile is as of September 2022, according to the DMO data.
With an external debt of $87.1 million, the state is placed third in the region after Edo and Cross River states.
However, with the recent N200 billion loan request approved by the state Assembly for Governor Siminalayi Fubara, Rivers may overtake Delta state as the most indebted state in the region.
Akwa Ibom State, in terms of GDP, is the third largest economy in the country after Lagos and Rivers States.
Akwa Ibom has a domestic debt of N206.6 billion, third in the region and an external debt of $44.9 million, the lowest (sixth) among the South-south states.
Cross River and Bayelsa States occupy the fourth and fifth positions, respectively, among states with the highest domestic debts in the region. Cross River has a domestic debt of N196.3 billion, while Bayelsa’s domestic debt is N140 billion.
However, with $209.5 million, Cross River has the second-largest external debt in the region after Edo, while Bayelsa, with $60.4 million, has the fourth-largest external debt.
Edo State, with N126.4 billion, has the lowest domestic debts in the region. However, with $261.4 million, the state has the largest external debt among the South-south states and occupies the third position in the country after Lagos ($1.3b) and Kaduna State ($573.7m).
Jigawa State (N43.6 billion) has the lowest domestic debt in the country, while Borno State ($ 18.1 million) has the lowest external debt.
