• World
  • Columnist
  • Commodities
  • WORLD BUSINESS & ECONOMY
  • Executive Knowledge Series
  • Finance
  • Manufacturing
  • Markets
  • Risk & Governance
  • Small Business
  • Technology, Media & Innovation
  • Comments
  • Business AM WebTV
  • Login

Businessamlive
  • FRONTPAGE
  • FINANCE
    • AllAsset ManagementAuditBankingBondBudgetCapital MarketsC&I LeasingCurrencyDealDebt marketForexFund RaisingFundingGovernmentHedge FundsInsuranceInvestmentInvestorInvestor ServicesMergers & AcquistionsMoney marketTreasury BillsMortgagePensionsPersonal financePonziQuantitative EasingshareTaxationTSAWealth Management
      Finance

      CBN says cryptocurrency ban in interest of Nigerians

      14 hrs

      Companies-in-Action

      Zenith Bank in strong operational performance as profit rises 10.4% to N230.56bn in FY20

      14 hrs

      Companies

      United Capital posts strong numbers as earnings rise 50% to N12.87bn in 2020

      February 23, 2021

      Finance

      CIBN revives mentorship initiative for bank workers

      February 20, 2021

  • MARKETS
  • ECONOMY
    • AllAfricaAgricAirportsAmericaAsiaAustraliaBreakthroughDealEuropeForeign InvestmentsforexGlobal marketGovernanceIMFMiddle EastNECANigeriaOutlookRich listSouth AfricaSport BusinessTradeU.KWest AfricaWorld Economic forum
      Insurance Business

      Enterprise risk management surges amid pandemic, RIMS reports

      13 hrs

      WORLD BUSINESS & ECONOMY

      Hyundai to recall 82,000 electric cars over battery malfunction

      13 hrs

      Frontpage

      Global health insurance premiums fall amid pandemic, says new report

      February 24, 2021

      Frontpage

      Insurance M&A record highest growth in Africa, Middle East in 2020

      February 23, 2021

  • COMMODITIES
  • ENERGY
    • AllConferenceElectricityOil and GasPowerRenewable
      Oil and Gas

      REA delivers 100kW hybrid solar mini grid to Edo community

      < 1 min

      Oil and Gas

      OPL 310: LEKOIL engages Optimum Petroleum over CRSA agreement

      6 hrs

      Frontpage

      Nigeria still losing 200,000bpd crude daily as NNPC enlists army’s intervention

      13 hrs

      Frontpage

      Nigeria to sell 170MW electricity capacity to Togo from Calabar plant

      February 24, 2021

  • TECHNOLOGY
  • MANUFACTURING
  • ANALYSIS
    • Analyst Insight

      Coronation MB analysts project sharp rates rise after Nigeria recession exit

      12 hrs

      Analyst Insight

      How NITDA can further foster data protection compliance in Nigeria

      February 22, 2021

      Analyst Insight

      Do we need more start-ups in insurance?

      February 16, 2021

      Analyst Insight

      Naira, PMI’s and Inflation in focus

      February 16, 2021

Frontpage Nigeria

Lagos, Rivers, A’Ibom, Delta, C’River top states’ indebtedness list

January 23, 2020524 views0 comments

Lagos, Rivers, A’Ibom, Delta, C’River top states’ indebtedness list

Lagos, Rivers, Akwa Ibom, Delta and Cross River States are the leading debtor-states in the country, according to the latest statistics obtained from the Debt Management Office (DMO).

Data from the DMO also showed that the federal government has spent N606.869 billion to service domestic debts in the third quarter of 2019.

Collectively, the leading debtor-states accounted for more than N1.344 trillion of the over N4 trillion domestic debt standing against the 36 states of the federation and the Federal Capital Territory (FCT) as at September 30, 2019, according to the statistics obtained from DMO website.
Lagos leads the top five with N441,668,732,162.26, Rivers is next with N266,936,225,793.65, while Akwa Ibom, Delta, and Cross River states follow on the debt scale with N237,404,479,750.88; N230,574,799,366.01 and N167,967,705,888.45 respectively.

Read Also:

  • NDDC moves to train Niger Delta youths at Innoson Motors, Nigeria’s…
  • Dangote Foundation disburses N3.92bn to women, youths in 11 states…
  • Benin to Lagos: Need for INSURANCE

Apart from the five, Imo (N148,900,627,563.76); Osun (N141,792,935,913.24); Ogun (N140,993,426,875.02); FCT (N137,862,316,926.60), Bayelsa (N127,243,132,172.38 and Kogi (N123,436,748,898.43) are other leading debtor-states.

On geopolitical basis, the six South-south states lead with the highest aggregate debt of N1,113,311,886,960.1 followed by the South-west with N957,158,703,679.04.
Next on geopolitical basis is the North-central (N510,790,349,558.25; North-west, which has the highest number of states in the country (seven) is next with N484, 867,921,659.82 followed by North-east and the five South-east states with N480,890217,532.59 and N357,513,205,096.01 respectively.
Yobe and Anambra States have the least debt burden. While Yobe’s debt stands at N28,533,478,934.83, that of Anambra is N34,007,803,458.86.
Nigeria’s total debt stock (local and foreign) as at September 30, 2019 was N26.2 trillion with the federal government accounting for over N9 trillion of the almost N14 trillion domestic debt stock.

Domestic debt service gulps N606bn in Q3

Meanwhile, the federal government spent a total of N606.869 billion to service domestic debt in the third quarter of 2019, the DMO data revealed.
A breakdown indicates that in July, August and September, N202,538,970,831.25; N172,663,065,962.98 and N231,667,076,449.72 respectively went into domestic service.
They included interest paid on Federal Government of Nigeria Savings Bonds (FGNSB), Nigeria Treasury Bills (NTBs), FGN Sukuk, Federal Government Bonds and Treasury Bonds.

But government’s plan to ease pressure from domestic creditors through the use of Promissory Notes, which are sovereign debt instruments, may not be getting the desired result.

The Federal Executive Council (FEC) had in April last year approved a N3.4 trillion Promissory Note programme to settle local debts and contractual obligations of the federal government.

However, about nine months after FEC approval, investigations revealed that the executive arm of government is yet to seek the endorsement of the Promissory Notes Programme from the National Assembly.

Share on Facebook Tweet Email
TagsNigeria states indebtedness States debts list
PreviousRefineries posted N123.3bn loss in 10 months – NNPC
NextDespite closed borders, Nigerian manufacturers begin online registration for AfCFTA

Leave a comment

- Cancel reply

MARKET DATA

Market Videos

Recent Posts

  • Nigeria bourse in red as selloffs in banking, consumer goods stocks see bears return  
  • African Alliance paid N967m in claims in first 40 days of 2021, MD reveals
  • REA delivers 100kW hybrid solar mini grid to Edo community
  • Unilever Nigeria to complete tea business separation by end of 2021
  • Nigeria records 6% drop in vessel traffic

World

Africa

Buhari, Okonjo-Iweala congratulate Adesina over reelection as AfDB President

Europe

EU businesses to cut investments in 2020, says EIB report

America

U.S. increases cost of visa application for Nigerians

Africa

Thatcher-Loving Nigeria Candidate Plans to Overhaul Economy

Africa

AfDB scales up industrialization pace on the continent, delivers improved business access to finance, skills, energy

Frontpage posts

0

CBN directs trade dealers to open form M for LCs

Banking August 25, 2020

1
2

We’ve reached agreement on minimum wage –Keyamo, Labour

Frontpage October 18, 2019

3

Buhari submits MTEF to Senate

Frontpage September 25, 2019

4

Hong Kong investors rush for HSBC shares following U.S restrictions on Chinese tech giants

Frontpage January 7, 2021

5

Mixed reactions trails 2018 GDP figures as services, agriculture lead growth performance

Frontpage February 12, 2019

SUPPORT

  • Photo Gallery
  • Help Centre
  • About Us
  • Accessibility

LEGAL & PRIVACY

  • Terms & Conditions
  • Privacy
  • Cookies
  • Copyright

SERVICES

  • Conferences & Events
  • Analysts Research
  • Advertising Rate
  • Ebooks

TOOLS

  • Portfolio
  • Newsletters
  • News feed
  • Currency Converter

SUBSCRIBE

Join us to get latest updates on business related news.

[mc4wp_form id="3076"]
  • ABOUT US
  • CONTACT US
  • CAREERS
  • TERMS & CONDITIONS
  • PRIVACY POLICY
Copyright 2017. All rights reserved. BusinessAMLive. A Businessnewscorp Member Company.