Imo State is number five on the list of domestic debt figures in Nigeria as of June 30, 2022.
According to Debt Management Office, DMO, many states have borrowed more between the first and second quarters of the year 2022. In March, the 36 states and the FCT had a domestic debt of N4, 842, 838, 386, 22. At the end of June, it stood at N5, 281, 277,033, 703, 91.
Imo State with a domestic debt of N210,394,836,519.93, is the fifth. The State has borrowed more as the DMO report shows that the debt figure of Imo was N204,612,397,430.39 in March.
Lagos, Delta and Ogun are the three States with the highest domestic debt figures in Nigeria as of June 30, 2022,
As of the time under review, Lagos State has borrowed a total of N797,305,312,602.53. This shows that the debt profile of Lagos has increased from the N780,476,880,563.06 it was in March 31, 2022.
Also, the debt stock of Delta State skyrocketed within the three months period. From N163,478,454,259.54 in March this year, Governor Ifeanyi Okowa’s administration has increased the domestic debt of Delta to N378,878,236,830.76. This represents over 100 percent increase from March to June this year.
Ogun on the other hand is owing a total of N241,782,021,304.96. Though it stands among the top three most indebted States, Ogun debt figure has marginally reduced from the N241,979,216,147.55 it was in March.
A document released by the Debt Management Office indicates that Rivers is the fourth with a debt stock of N225,505,011,356.55. The DMO said Rivers State’s debt figure was as at September 30, 2021.