Abia, Lagos Among Top 10 Nigerian States with Highest Domestic Debt in Q1 2024 | #NwokeukwuMascot

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 Abia, Lagos Among Top 10 Nigerian States with Highest Domestic Debt in Q1 2024 | #NwokeukwuMascot

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The Debt Management Office (DMO) of Nigeria has announced a significant rise in the nation’s total public debt, which reached N121.67 trillion (approximately $91.46 billion) by March 31, 2024. This figure includes the combined domestic and external debts of the Federal Government of Nigeria (FGN), the thirty-six state governments, and the Federal Capital Territory (FCT). 


In comparison, the total public debt stood at N97.34 trillion (approximately $108.23 billion) as of December 31, 2023, indicating an increase of N24.33 trillion or 24.99% within three months. This surge is primarily attributed to the devaluation of the naira, which led to a reduction in dollar terms by $16.77 billion or 18.34%.


In response to escalating debt service costs, state governments have intensified efforts to reduce their debt stock. The total domestic debt of states decreased by 31% from N5.86 trillion in Q4 2023 to N4.07 trillion in Q1 2024, and by 26% from N5.48 trillion in Q1 2023.


Top 10 States with Highest Domestic Debt in Q1 2024


Despite overall reductions, some states still maintain high levels of domestic debt. The following is a ranking of the top 10 Nigerian states with the highest domestic debt in Q1 2024:


1.) Lagos:

   Lagos tops the list with domestic debt increasing from N812.38 billion in Q1 2023 to N929.41 billion in Q1 2024, marking a 14.41% rise. However, there was a decrease of 11.38% from N1.05 trillion in Q4 2023.


2.) Delta:

   Delta's domestic debt decreased by 20.62% from N421.78 billion in Q1 2023 to N334.90 billion in Q1 2024. The debt also saw a 10.31% reduction from N373.41 billion in Q4 2023.


3.) Rivers: 

   Rivers' debt remained steady at N232.58 billion from Q4 2023 to Q1 2024, with a slight increase of 3.14% from N225.51 billion in Q1 2023. The DMO’s latest report notes that this figure is as of March 31, 2023.


4.) Ogun:

   Ogun experienced a 24.55% decrease in domestic debt from N293.20 billion in Q1 2023 to N221.22 billion in Q1 2024. There was also a 20.62% reduction from N278.68 billion in Q4 2023.


5.) Imo: 

   Imo's domestic debt dropped by 19.53% from N202.55 billion in Q1 2023 to N163.06 billion in Q1 2024. From Q4 2023’s N217.11 billion, there was a 24.89% decrease.


6.) Cross River:

   Cross River saw a 20.42% decrease in domestic debt from N196.27 billion in Q1 2023 to N156.17 billion in Q1 2024. The debt further decreased by 29.08% from N220.20 billion in Q4 2023.

7.) Akwa Ibom: 

   Akwa Ibom's domestic debt decreased by 30.83% from N206.64 billion in Q1 2023 to N142.93 billion in Q1 2024. There was also a 24.96% reduction from N190.48 billion in Q4 2023.


8.) Benue:

   Benue’s debt fell by 17.38% from N141.29 billion in Q1 2023 to N116.73 billion in Q1 2024. The decrease was even more pronounced at 37.62% from N187.18 billion in Q4 2023.


9.) Abia:

   Abia experienced a 14.22% increase in domestic debt from N99.54 billion in Q1 2023 to N113.71 billion in Q1 2024. However, there was a 17.99% decrease from N138.64 billion in Q4 2023.


10.) Bauchi:

    Bauchi’s domestic debt decreased by 25.01% from N144.54 billion in Q1 2023 to N108.39 billion in Q1 2024. There was a significant 32.62% reduction from N160.81 billion in Q4 2023.


The rising domestic debt levels of some Nigerian states amid national debt concerns highlight the ongoing fiscal challenges and efforts required to manage the country's economic stability. The DMO continues to monitor and report on these financial dynamics, providing insights critical for policy-making and fiscal management.

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