In the third quarter of 2023, the domestic debt stock of 22 states and the Federal Capital Territory (FCT) experienced a substantial reduction, amounting to N176.3 billion, as reported by the Debt Management Office (DMO).
The DMO’s data reveals a noteworthy decline of N74.64 billion in the total domestic debt of all 36 states and the FCT over a three-month period.
As of June 2023, the combined domestic debt of the states was recorded at N5.82 trillion, which subsequently decreased to N5.74 trillion by September, according to the agency.
The latest report highlights that during Q3, 22 out of the 36 states and the FCT successfully decreased their debts, marking an improvement compared to 15 states in the preceding quarter (Q2). These proactive states include Delta, Lagos, Akwa Ibom, Bayelsa, Adamawa, Abia, Anambra, Ebonyi, Imo, Ekiti, Niger, Kogi, Ondo, Taraba, Enugu, Kaduna, Oyo, Kwara, Osun, Sokoto, Jigawa, Kebbi, and the FCT.
In this quarter characterized by debt reduction efforts, Delta emerged as the front-runner, significantly reducing its domestic liabilities by N93.9 billion, surpassing the efforts of Lagos (N35.94 billion) and the FCT (N7.79 billion).
Here is a breakdown of states that reduced domestic debts in Q3:
Delta: N93.92 billion
Lagos: N35.94 billion
FCT: N7.79 billion
Akwa Ibom: N6.13 billion
Bayelsa: N5.18 billion
Adamawa: N5.16 billion
Abia: N3.69 billion
Anambra: N2.68 billion
Ebonyi: N2.54 billion
Imo: N1.94 billion
Ekiti: N1.89 billion
Niger: N1.76 billion
Kogi: N1.35 billion
Ondo: N1.28 billion
Tarawa: N1.02 billion
Enugu: N983.96 million
Kaduna: N697.18 million
Oyo: N634.50 million
Kwara: N618.21 million
Osun: N437.88 million
Sokoto: N300.11 million
Jigawa: N242 million
Kebbi: N67.09 million
