Delta Leads as Four Nigerian States Borrow Fresh N118Billion Locally In Three Months
Data from the Debt Management Office indicates that Delta State’s total domestic debt stood at N304 billion in June 2024, which increased to N342.5 billion by September 2024.
A review conducted by SaharaReporters on the debt profile of states as of September 2024 revealed that four states borrowed an additional N118.3 billion from domestic sources between July and September 2024.
Data from the Debt Management Office indicates that Delta State’s total domestic debt stood at N304 billion in June 2024, which increased to N342.5 billion by September 2024.
This means that N42.5 billion was freshly borrowed by the state between July and September.
Edo State debt profile also increased domestically from N70 billion as of June 2024, to N95 billion as of September 2024.
This means that an extra N25 billion was borrowed by state government.
Enugu State’s domestic debt grew from N96.9 billion as of June 2024 to N128 billion as of September 2024.
This means that the state borrowed N31.1 billion extra.
Adamawa public debt grew from N102.9 billion as of June 2024, to N122.6 billion as of September 2024. This means that a fresh N19.7 billion was borrowed by the state.
In total, the sum of N118.3 billion was borrowed locally by these four states between July and September.
In terms of total debt, Lagos State which owes N853 billion, takes the lead. Lagos is followed by Rivers State which owes the second highest debt domestically with a debt portfolio of N389 billion. Delta State owes N342.5 billion.
Debt
Other states in the top 10 are Ogun State, N201 billion; Imo State, N155.3 billion; Bauchi State, N145 billion; Niger State, N144 billion; Cross River State, N133.4 billion; Akwa Ibom State, N126 billion; and Adamawa State owes N122.6 billion.
There have been concerns about reliance on loans by state governments in a bid to sustain their fiscal needs.
