15 States’ Debts Jump To N1.68tn

 

The cumulative domestic debts of 15 states rose by 153.82 percent between December 31, 2015, and March 31, 2021.

This is according to an analysis of data obtained from the Debt Management Office.

Each of the states under review recorded at least a 100 percent jump in less than the six years under review with a culmination of N1.68 trillion as domestic debt as of March 31.

Although Lagos had the highest domestic debt stock of N507.38bn, Yobe state recorded the highest leap as its domestic debt profile rose by 1,994.08 percent.

Apart from Lagos and Yobe states, the other 13 states are Abia, Adamawa, Anambra, Benue, Borno, Imo, Katsina, Niger, Ogun, Ondo, Sokoto, Taraba, Zamfara.

As of December 31, 2015, the debt stock of Lagos State stood at N218.54bn, but by March 31, 2021, it had climbed to N507.38bn. This represents a 132 percent increase within the time frame while Abia State’s debt stock stood at N33.53bn, but by March 31, 2021, it had increased to N70.57bn; thus, rising by 110.47 percent.

The debt stock of Adamawa State rose from N47.20bn to N95.22bn between December 31, 2015, and March 31, 2021, resulting in a debt increase of 102 percent.

As of December 31, 2015, the debt stock of Anambra State stood at N3.58bn, but it increased to N59.71bn by March 31. This means that the state recorded a leap of 1,567.88 percent increase, while Benue State’s debt stock was N39.94bn, but it increased to N128.25bn by March 31, 2021. The state recorded an increase of 221.1 percent.

Within the same period, the debt stock of Borno State increased from N22.34bn to N91.86bn, resulting in a 311 percent debt increase.

As of December 31, 2015, the debt of Imo State stood at N71.74bn. However, by March 31, 2021, it had gone up to N149.89bn. This represents a 108.94 percent increase.

As of December 31, 2015, Katsina State had a debt stock of N11.50bn, but it increased to N58.34bn by March 31, 2021. Thus, its debt stock rose by 407.3 percent.

Within the same period, the debt stock of Niger State rose from N21.50bn to N62.33bn; thus recording an increase of 189.91 percent.

However, in general, the 36 states of the federation and the Federal Capital Territory Administration recorded an increase of 64.8 percent in their domestic debts within the years under review.

The total domestic debts for the 36 states and the FCT stood at N2.50tn as of December 31, 2015. However, by March 31, 2021, the debts had gone up to N4.12tn. 

Kehinde Ogunyale

Reporting on the data-driven economy, and investigations.

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