Domestic Debt: Lagos State Has Borrowed N126bn In Three Months

The Lagos State Government has borrowed over N126 billion domestically in the last quarter of 2021, the Debt Management Office (DMO) has said.

According to a report released by the DMO, Lagos, whose domestic debt stood at N532.12 billion as of September 30, 2021, is now owing N658.95 billion at the end of December 2021.

This represents an increase of N126.83 billion in the last three months of the year 2021, according to the DMO.

Lagos state tops with the highest domestic debt figure as of the time under review.

Ogun State comes second with a total of N232.62 billion debt as of December.

Ogun’s debt profile rose from N192.41 billion to N232.62 within three months, making a debt increase of N40 billion.

Rivers State is the third with N225.50 billion, even as the State’s domestic debt reduced by about N850million.

At the moment, Akwa Ibom State debt stands at N214.60 billion, from N234.85 billion in September.

In Imo State, the domestic debt soared from N151.31 to N205.18; being an increase of N53.87 from October to December, 2021.

While Cross River owes N159.81 billion, Bayelsa, Delta and Plateau are owing N154.613bn, N154.61 billion and N150.49 billion respectively.

Oyo debt profile is now N142.56, as Osun struggles with N134.70 billion.

Aside from Benue with N128.34 and Kano with N111.89, other States and the FCT have domestic debts lower than N100billion.

With N31.35 billion, Jigawa is the State with the lowest domestic debt, followed by Ebonyi with N42.16 billion.

The DMO disclosed that the total debt profile for the 36 States and the FCT is now N4.45 trillion, as against N4.19 trillion in September last year.