By December 31, 2023, the 36 states and the Federal Capital Territory (FCT) had a combined amount of N5.862 trillion in domestic debt, according to data made public by the Debt Management Office (DMO). This represents a huge increase above the N5.337 trillion recorded in 2022.
Between December 2022 and December 2023, the domestic debt of the 36 states and the FCT increased significantly by nearly N525 billion. This equates to a significant 9.83% increase over the course of one year.
The top ten states with the largest domestic debt stock are:
10. Bauchi– Bauchi occupies the tenth position. Its domestic debt rose from N143.63 billion in 2022 to N160.80 billion by December 2023, reflecting an increase of N17.17 billion over the course of a year.
9. Plateau State– Plateau State, ranking ninth, witnessed a substantial increase in its domestic debt from N149.01 billion in December 2022 to N173.93 billion by the end of 2023, marking a notable rise of N29.91 billion.
8. Benue State– securing the eighth spot, Benu state experienced a noteworthy surge in its domestic debt in 2023, climbing by N45.88 billion to reach N187.18 billion, compared to its 2022 figure of N141.29 billion.
7. Akwa-Ibom– Among the top ten states, Akwa-Ibom stands out as the only one that reduced its total domestic debt stock in 2023. The state’s domestic debt decreased from N219.26 billion in December 2022 to N190.47 billion by the end of 2023, marking a reduction of N28.78 billion.
6. Imo– Ranking sixth, Imo state saw its domestic debt increase to N217.11 billion in 2023, up from N204.22 billion recorded in 2022, reflecting a rise of N12.88 billion.
5. Cross River state– This State witnessed an increase in its domestic debt from N197.21 billion in 2022 to N220.20 billion by the end of 2023, marking a rise of N22.99 billion.
4. Rivers State– Rivers State’s total domestic debt reached N232.57 billion in 2023, up from N225.50 billion in 2022. Notably, the debt stock figure for Rivers State pertained to March 31, 2023, as the state had not submitted its debt report for December 31, 2023.
3. Ogun State– This state secured the third position among the states with the highest domestic debt, recording a total stock of N278.67 billion by December 2023. This reflects an increase of N8.22 billion from the N270.45 billion recorded at the end of 2022.
2. Delta State– Delta State ranked second in terms of domestic debt, with a total of N373.40 billion in 2023, up by N69.16 billion from the N304.24 billion recorded in 2022. Notably, Delta State experienced the second-highest increase in domestic debt in 2023.
1. Lagos State– Leading the pack is Lagos State, with its domestic debt soaring from N807.20 billion at the end of 2022 to N1.048 trillion in 2023. This represents a substantial increase of N241.49 billion over the 12-month period.
