According to recent data from the Debt Management Office (DMO), the domestic debts owed by state governments and the Federal Capital Territory Administration rose to NGN6.43 trillion at the end of 2021.
Lagos, Ogun, Rivers, Akwa Ibom, and Imo emerged as the top five debtors, with a combined domestic debt stock of about NGN1.56tn. The five states account for 34.98 percent of the total domestic debt owed by the sub-national governments in the country as of December 31, 2021.
It was also disclosed that the Federal Government has incurred N950 billion new domestic borrowing between January 2022 and March 11, 2022. According to the document, the Federal Government still plans to borrow an additional NGN1.6tn, while the 2022 debt target for domestic borrowing is NGN2.57tn.