Data from the Debt Management Office (DMO) indicates a notable reduction of N1.79 trillion in the domestic debt of 35 states during the first quarter (Q1) of 2024.
As of December 2023, the states’ domestic debt stood at N5.86 trillion. By March 2024, this figure had decreased to N4.07 trillion, marking a 31 percent reduction over three months.
An analysis by TheCable Index highlights that Jigawa state achieved the most significant domestic debt reduction in Q1 2024.
Jigawa’s debt profile decreased by 95 percent, amounting to a reduction of N40.69 billion.
Ondo and Kebbi states also recorded substantial reductions, with decreases of 77 percent (N55.11 billion) and 72 percent (N61.25 billion), respectively.
While other states also managed to reduce their debt burdens, Rivers state’s domestic debt remained constant at N232.58 billion during the examined period.
Conversely, the federal capital territory (FCT) experienced a 3 percent increase (N2.49 billion) in its domestic debt over the same quarter.
Here is a breakdown of the percentage reductions in domestic debts by state:
- Jigawa: -95 percent
- Ondo: -77 percent
- Kebbi: -72 percent
- Ebonyi: -68 percent
- Kogi: -68 percent
- Nassarawa: -67 percent
- Kaduna: -66 percent
- Borno: -63 percent
- Katsina: -62 percent
- Taraba: -60 percent
- Anambra: -54 percent
- Ekiti: -48 percent
- Kano: -47 percent
- Kwara: -46 percent
- Yobe: -46 percent
- Edo: -42 percent
- Zamfara: -41 percent
- Osun: -40 percent
- Benue: -38 percent
- Niger: -38 percent
- Oyo: -38 percent
- Plateau: -38 percent
- Sokoto: -38 percent
- Bauchi: -33 percent
- Bayelsa: -32 percent
- Cross River: -29 percent
- Adamawa: -25 percent
- Akwa Ibom: -25 percent
- Imo: -25 percent
- Ogun: -21 percent
- Gombe: -20 percent
- Abia: -18 percent
- Enugu: -11 percent
- Lagos: -11 percent
- Delta: -10 percent
Leave a Reply