According to data released by the Debt Management Office (DMO), the domestic debt stock of 22 states and the Federal Capital Territory (FCT) experienced a significant decrease of N176.3 billion in the third quarter (Q3) of 2023. The total domestic debt for all 36 states and the FCT reduced by N74.64 billion in the same period, with the states’ debt standing at N5.74 trillion in September compared to N5.82 trillion in June.
The report highlights that only 22 out of the 36 states and the FCT managed to reduce their debts in Q3, a notable increase from the 15 states that did so in the second quarter (Q2). Notable states that contributed to the debt reduction efforts include Delta, Lagos, Akwa Ibom, Bayelsa, and others.
**States that Reduced Domestic Debts in Q3:**
1. Delta: N93.92 billion
2. Lagos: N35.94 billion
3. FCT: N7.79 billion
4. Akwa Ibom: N6.13 billion
5. Bayelsa: N5.18 billion
6. Adamawa: N5.16 billion
7. Abia: N3.69 billion
8. Anambra: N2.68 billion
9. Ebonyi: N2.54 billion
10. Imo: N1.94 billion
11. Ekiti: N1.89 billion
12. Niger: N1.76 billion
13. Kogi: N1.35 billion
14. Ondo: N1.28 billion
15. Tarawa: N1.02 billion
16. Enugu: N983.96 million
17. Kaduna: N697.18 million
18. Oyo: N634.50 million
19. Kwara: N618.21 million
20. Osun: N437.88 million
21. Sokoto: N300.11 million
22. Jigawa: N242 million
23. Kebbi: N67.09 million
However, Kano and Ogun maintained unchanged debt levels in Q3, with Kano at N122.36 billion and Ogun at N293.20 billion. On the other hand, 12 states saw increases in their domestic debt, with Katsina leading the pack with a N36.94 billion jump.
**States that Increased Domestic Debts in Q3:**
1. Katsina: N36.94 billion
2. Bauchi: N15.13 billion
3. Zamfara: N11.99 billion
4. Plateau: N11.86 billion
5. Borno: N8.65 billion
6. Cross River: N7.99 billion
7. Rivers: N7.07 billion
8. Gombe: N1.044 billion
9. Yobe: N342.16 million
10. Benue: N241.19 million
11. Nasarawa: N192.79 million
12. Edo: N174.95 million
The DMO data provides insights into the dynamic changes in the debt profiles of Nigerian states, showcasing both reductions and increases in domestic debts over the course of Q3 2023.
