The Debt Management Office (DMO) of Nigeria recently announced that the nation’s total public debt increased significantly to N121.67 trillion (approximately $91.46 billion) as of March 31, 2024.
This figure encompasses the combined domestic and external debts of the Federal Government of Nigeria (FGN), the thirty-six state governments, and the Federal Capital Territory (FCT).
In comparison, the total public debt as of December 31, 2023, stood at N97.34 trillion (approximately $108.23 billion). This represents an increase of N24.33 trillion or 24.99% within a three-month period.
The increase is driven majorly by naira devaluation, as the total debt was reduced in dollar terms by $16.77 billion or 18.34%.
Amid concerns over rising debt service costs, states have been working to decrease their debt stock. In Q1 2024, states’ total domestic debt dropped by 31% from N5.86 trillion in Q4 2023 to N4.07 trillion and by 26% from N5.48 trillion in Q1 2023.
Despite the decrease, some states still have high debt stock. Below is the ranking of the top 10 Nigerian states with the highest domestic debt in Q1 2024:
#10 Bauchi
Bauchi’s domestic debt decreased significantly from N144.54 billion in Q1 2023 to N108.39 billion in Q1 2024, representing a 25.01% decrease. Additionally, there was a decrease from N160.81 billion in Q4 2023, a 32.62% decrease.
#9 Abia
Abia experienced an increase in domestic debt from N99.54 billion in Q1 2023 to N113.71 billion in Q1 2024, reflecting a 14.22% increase. However, from Q4 2023 to Q1 2024, there was a decrease of 17.99% from N138.64 billion.
#8 Benue
Benue’s debt reduced from N141.29 billion in Q1 2023 to N116.73 billion in Q1 2024, a 17.38% decrease. Compared to Q4 2023, which had N187.18 billion, there was a decrease of 37.62%.
#7 Akwa Ibom
Akwa Ibom’s domestic debt decreased from N206.64 billion in Q1 2023 to N142.93 billion in Q1 2024, which is a 30.83% decrease. From Q4 2023 to Q1 2024, the debt also decreased from N190.48 billion by 24.96%.
#6 Cross River
Cross River’s debt decreased from N196.27 billion in Q1 2023 to N156.17 billion in Q1 2024, showing a 20.42% decrease. From Q4 2023 to Q1 2024, there was a decrease from N220.20 billion by 29.08%.
#5 Imo
Imo saw a decrease in domestic debt from N202.55 billion in Q1 2023 to N163.06 billion in Q1 2024, which is a 19.53% decrease. The decrease from Q4 2023’s N217.11 was 24.89%.
#4 Ogun
Ogun’s debt decreased from N293.20 billion in Q1 2023 to N221.22 billion in Q1 2024, reflecting a 24.55% decrease. Compared to Q4 2023, which had N278.68 billion, there was a 20.62% decrease.
#3 Rivers
Rivers remained constant at N232.58 billion from Q4 2023 to Q1 2024. However, there was a slight increase from N225.51 billion in Q1 2023 by 3.14%. The DMO in its latest debt report noted that the domestic debt stock figure for Rivers State was as of March 31, 2023.
#2 Delta
Delta’s domestic debt decreased from N421.78 billion in Q1 2023 to N334.90 billion in Q1 2024, a 20.62% decrease. From Q4 2023 to Q1 2024, the debt also decreased from N373.41 billion by 10.31%.
#1 Lagos
Lagos, with the highest domestic debt, saw an increase from N812.38 billion in Q1 2023 to N929.41 billion in Q1 2024, which is a 14.41% increase. However, there was a decrease from Q4 2023’s N1.05 trillion by 11.38%.