Debt Profile Of States In Nigeria 2023: Who Owes The Most? Check Out The Complete List!

Key Points:

• As of December 31, 2022, the Debt Management Office of Nigeria has released information about the domestic debt of the 36 states of the federation and the Federal Capital Territory.
• The total debt stock of the states and the FCT stands at 5.34 trillion naira (about $12.9 billion), with Delta State having the highest debt stock and Zamfara State having the lowest.
• Experts are worried about the growing debt of Nigerian states, especially since general elections are coming up in 2023. They are calling for quick solutions to the country’s growing debt problem. 

ABUJA, Nigeria (MandyNews.com) – The Debt Management Office of Nigeria has released domestic debt data for the 36 states of the federation and the Federal Capital Territory as of December 31, 2022.

The data reveals that the total debt stock of the states and the FCT stands at 5.34 trillion naira (about $12.9 billion).

Delta State, located in southern Nigeria, has the highest debt stock among the states, with 304.25 billion naira ($739 million) owed. Meanwhile, Zamfara State in the northwest has the lowest debt stock of 81.02 billion naira ($196 million).

The report also shows that Lagos State, which is often considered the economic capital of Nigeria, has a debt stock of 807.21 billion naira ($1.96 billion).

Experts have raised concerns over the rising debt profile of Nigerian states, especially as the country has elected a new president. With a looming economic crisis, many are calling for urgent solutions to address the country’s growing debt burden.

Here’s a table that summarizes the data: