Lagos, Abia, Zamfara, 12 other states’ debts jump to N1.68tn »

The cumulative domestic debts of Lagos and 14 other states rose by 153.82 per cent between December 31, 2015 and March 31, 2021, analysis of data obtained from the Debt Management Office has shown.

Each of the states in question recorded at
least 100 per cent jump in less than the six years under review.

The 15 states under review had a cumulative domestic debt of N1.68tn as of March 31.

Although Lagos had the highest domestic debt stock of N507.38bn, Yobe state recorded the highest leap as its domestic debt profile rose by 1,994.08 per cent.

Apart from Lagos and Yobe states, the other 13 states are Abia, Adamawa, Anambra, Benue, Borno, Imo, Katsina, Niger, Ogun, Ondo, Sokoto, Taraba, Zamfara.

As of December 31, 2015, the debt stock of Lagos State stood at N218.54bn, but by March 31, 2021, it had climbed to N507.38bn. This represents 132 per cent increase within the time-frame.

As of December 31, 2015, Abia State’s debt stock stood at N33.53bn, but by March 31, 2021, it had increased to N70.57bn; thus, rising by 110.47 per cent.

Punchng.com