The Debt Management Office recently reported that nearly 28 governors in office today or those who will be leaving in May 2023 have a total debt of approximately N5.8 trillion.
Further reports from the Debt Management Office have stated that 11 of these governors are up for re-election in March 2023 and they include Governors Mohammed Yahaya of Gombe; Babagana Zulum (Borno); Abdullahi Sule (Nasarawa); Seyi Makinde (Oyo); Mai Buni (Yobe); Bello Matawalle (Zamfara); Babajide Sanwo-Olu (Lagos), among others.
Outgoing governors include Emmanuel Udom (Akwa Ibom), Samuel Ortom (Benue) and Ifeanyi Okowa, among others.
The debt has been broken down into two categories – domestic borrowings from local creditors, which amounts to N4.38 trillion, and external loans from foreign or international creditors such as the World Bank and International Monetary Fund, totalling N1.42 trillion.
Reports from DMO indicate Lagos state as having the highest debt with both domestic and external debts at N877.04 billion along with $1.27 billion dollars respectively, followed by Kaduna State at a close second with domestic debt at N86.86 billion and an external debt amounting to $586.78 million dollars.
States with highest debts
The DMO data further shows that Lagos has the highest debt with N877.04 billion in domestic debt and $1.27 billion in foreign debt.
Kaduna State is next with a domestic debt of N86.86 billion in domestic debt and external debt of $586.78 million.
The third highest indebted state is Rivers with a domestic debt of N225,51 billion and foreign debt of $140.18 million.
Cross River comes next with N175.2 billion in domestic debt and $215.75 million in external debt.
Others are:
- Ogun with N241.78bn domestic debt and $122.73m foreign debt.
- Bauchi has N144.28bn domestic debt and $172.76m external debt.
- Enugu N89.89bn and $123.02m
- Kano N125.19bn and $109.42m
- Abia N104.57bn and $95.63m
- and Adamawa N122.48bn and $77.01m.
Other debtor states include:
- Akwa Ibom N219.62bn and $46.567m,
- Benue N143.37bn and $30.47m
- Borno N96.33bn and $18.7m
- Delta N272.61bn and $60.05m,
- Ebonyi N67.06bn and $59.84m,
- Gombe N139.1bn and $46.93m
- Jigawa N44.41bn and $27.61m,
- Katsina N62.37bn and $55.82m,
- Kebbi N60.13bn and $42.40m,
- Kwara N109.55bn and $45.94m,
- and Nasarawa (N72.63bn and $53.73m).
- N98.26bn and $69.27m,
- Oyo N160.07bn and $76.97m,
- Plateau N151.90bn and $33.74m,
- Sokoto N85.58bn and $37.13m,
- Taraba N90.81bn and $22.28m,
- Yobe N92.86bn and $23.09m
- and Zamfara N109.69bn and $29.33m.
- The FCT has a domestic debt of N112.49bn and external debt of $25.38m.
Article updated 2 days ago. Content is written and modified by multiple authors.
