Nigeria’s debts rise to N97.3tr in 2023 as Lagos tops states’ borrowings – See list Of Borrowing state and What They Owe

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The total debt stock of Nigeria rose to N97.341 trillion or $108.229 as of December 31, 2023, the Debt Management Office (DMO) has said.The DMO revealed that Lagos State topped the list of most indebted states in Nigeria with N1.05 trillion as of December 31, 2023. It is followed by Delta State with N373.41 billion; Ogun State with N278.68 billion; Rivers State with N232.58 billion and Cross River State with N220.20 billion.

DMO stated that Nigeria’s public debt of N97.341 trillion comprises the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 state governments and the Federal Capital Territory (FCT).

According to the report, there was an increase of N9.43 trillion over the comparative figure for September 2023, which was largely due to new domestic borrowing by the Federal Government to part-finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.

It added that at N59.12 trillion, total domestic debt accounted for 61 per cent of the total public debt stock while external debt at N38.22 trillion accounted for the balance of 39 per cent.

Allaying a possible outcry over the rising debts, the DMO said the borrowings were consistent with the debt management strategy of the country.

Nigeria’s external debt stock was skewed in favour of loans from multilateral lenders, which constitutes 49.77 per cent. Bilateral lenders constitute 14.02 per cent or a total of 63.79 per cent, which are mostly concessional and semi-concessional.

“Whilst the DMO continues to employ best practice in public debt management, the recent and ongoing efforts of the fiscal authorities to shore up revenue will support debt sustainability,” the report stated.The bilateral debts include $5.17 billion from China; $580.13 million from France and $125.90 million from Germany.

Nigeria also borrowed $58.33 from Japan and $25.94 from India. Further breakdown of the report showed that Imo State owes N217.11 billion followed by Akwa Ibom State with N190.48 billion and Benue State with N187.18 billion.

Plateau State is next with N173.93 billion; Bauchi State followed with N160.81 billion while Oyo State occupies the 11th position on the debt log with N159.94 billion.

Bayelsa State owes N151.16 billion; Osun State, N144.60 billion; Niger State, N139.80 billion; Abia State, N138.64 billion; Adamawa State, N138.26 billion; Edo State, N123.88 billion while Kanokilled at least 20 people.

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