The five most indebted states in Nigeria owed a total of N1.65 trillion as of March this year, according to data from the Debt Management Office (DMO).
The states are Lagos, Ogun, Rivers, Imo, and Akwa Ibom, accounting for over a third of the domestic debt of N4.84 trillion owed by the subnational governments in the country.
The DMO data show that Lagos, with a total debt of N780.5 billion as of March 2022, is the most indebted state in Nigeria, accounting for 16.26 percent of the subnational debts.
Ogun owed N242 billion as of March; Rivers, N225.5 billion; Imo, N204.6 billion, and Akwa Ibom, N203.1 billion.
Nigeria’s public debt stock rose by N2.04 trillion in the first quarter of this year to N41.60 trillion, according to the debt office.
The total debt stock includes the domestic and external debt stocks of the Federal Government of Nigeria, the state governments, and the Federal Capital Territory.