The Debt Management Office (DMO) of Nigeria has introduced that as of March 31, 2024, the nation’s complete public debt reached N121.67 trillion (roughly $91.46 billion).

This complete displays the money owed of the Federal Authorities of Nigeria, all thirty-six state governments, and the Federal Capital Territory.

On the shut of December 2023, the full public debt was N97.34 trillion (about $108.23 billion). This represents a considerable enhance of N24.33 trillion or almost 25% inside simply three months.

The first trigger for this enhance is the devaluation of the naira, which led to a discount within the debt’s greenback worth by $16.77 billion or 18.34%.

With rising prices for debt servicing, states have been striving to decrease their debt burdens. Within the first quarter of 2024, the full home debt of states dropped by 31% from N5.86 trillion on the finish of 2023 to N4.07 trillion, and by 26% from the identical interval a 12 months earlier.

Regardless of these efforts, some states nonetheless carry vital debt. 

Listed here are the top 10 Nigerian states with the best home debt as of the primary quarter of 2024:

1. Lagos

Lagos leads with the best home debt, which grew to N929.41 billion, up 14% from the earlier 12 months. Nonetheless, there was an 11% lower from the tip of 2023.

2. Delta

Delta lowered its home debt to N334.90 billion, marking a 21% lower from final 12 months and about 10% from the tip of 2023.

3. Rivers

Rivers saved its home debt at N232.58 billion from the tip of 2023 to the beginning of 2024, a slight enhance of over 3% from the earlier 12 months.

4. Ogun

Ogun decreased its debt to N221.22 billion, a discount of 25% from final 12 months and about 21% from the tip of 2023.

5. Imo

Imo diminished its debt to N163.06 billion, down about 20% from final 12 months and 25% from the tip of 2023.

6. Cross River

Cross River lower its debt right down to N156.17 billion, a 20% lower from final 12 months and about 29% from the tip of 2023.

7. Akwa Ibom

Akwa Ibom’s debt was diminished to N142.93 billion, a 31% drop from final 12 months and 25% from the tip of 2023.

8. Benue

Benue diminished its debt to N116.73 billion, a lower of 17.38% from final 12 months and 37.62% from the tip of 2023.

9. Abia

Abia’s debt rose to N113.71 billion, up 14.22% from the earlier 12 months however down 17.99% from the tip of 2023.

10. Bauchi

Bauchi considerably lowered its home debt from N144.54 billion the earlier 12 months to N108.39 billion, representing a 25.01% lower, and from N160.81 billion on the finish of 2023, a 32.62% lower.

Because the financial state of affairs evolves, states proceed to handle their funds underneath vital scrutiny, with the DMO intently monitoring and reporting these modifications to make sure fiscal stability and transparency.