Lagos, Delta, and Ogun State led the list of states in Nigeria with the highest domestic debt stock as of the end of June 2022, accounting for over 25% of the total domestic debts of the 36 states of the federation, including the Federal Capital (Abuja).
This is according to data released by the Debt Management Office, on the state on Nigeria’s debt stock as of the second quarter of 2022. The aggregate domestic debt stocks of the entire states in the country rose to N5.28 trillion as of June 2022, representing a N438.44 billion increase when compared to N4.84 trillion recorded as of the previous quarter.
Also, when compared to the corresponding period of the previous year, the states’ domestic debts rose by N1.16 trillion from N4.12 trillion recorded as of June 2021. Meanwhile, Nigeria’s total public debt stock surged to a record high to stand $103.31 billion as of the period under review.
