Lagos, Abia, Zamfara, 12 Other States Debts Jump To N1.68tn

The cumulative domestic debts of Lagos and 14 other states rose by 153.82 per cent between December 31, 2015 and March 31, 2021, analysis of data obtained from the Debt Management Office has shown.

Each of the states in question recorded at least 100 per cent jump in less than the six years under review.

The 15 states under review had a cumulative domestic debt of N1.68tn 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 per cent.

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 132 per cent increase within the time-frame.

As of December 31, 2015, 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 per cent.

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 per cent.

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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 per cent increase.

As of December 31, 2015, Benue State’s debt stock was N39.94bn, but it increased to N128.25bn by March 31, 2021. Thus, the state recorded an increase of 221.1 per cent.

Within the same period, the debt stock of Borno State increased from N22.34bn to N91.86bn, resulting in a 311 per cent 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 108.94 per cent 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 per cent.

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