Oil states mount up N4tr debt, with Lagos topping the list
By Jeph Ajobaju, Chief Copy Editor
Oil-producing states amassed more than N4 trillion domestic debt combined between the first quarter ended March 2022 (Q1 2022) and the second quarter ended June (Q2 2022), with Lagos on top of the list.
All the 36 states collect allocation every month from the Federation Account and the 10 oil states share between them an additional 13 per cent derivation as compensation for contributing oil dollars to the federal treasury.
New data released by the National Bureau of Statistics (NBS) shows Lagos, Nigeria’s richest state by internally generated revenue (IGR), piled up N780.4 billion domestic debt in Q1 2022 and grew it to N797.3 billion (Q2 2022).
The total debt of 10 the oil states amounted to N2.052 trillion in Q1 2022, but no external debt was recorded for them.
Domestic debt in Q1 2022
- Lagos – N780.4 billion
- Abia – N91.4 billion
- Akwa Ibom – N203.1 billion
- Anambra – N58.2 billion
- Bayelsa – N151.4 billion
- Delta – N163.4 billion
- Edo – N112.2 billion
- Imo – N204.6 billion
- Ondo – N62.3 billion
- Rivers – N225.5 billion
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Domestic and external debts in Q2 2022
The NBS recorded both domestic and foreign debts for the oil states in Q2 2022 which totalled N2.15 trillion, per reporting by Nairametrics.
- Abia – external N95.6 billion, domestic N107.6 billion
- Akwa Ibom – external N46.5 billion, domestic N203.9 billion
- Anambra – external N108.1 billion, domestic N72.4 billion
- Bayelsa – external N60.8 billion, domestic N150.4 billion
- Delta – external N60 billion, domestic N378.8 billion
- Edo – external N268.3 billion, domestic N112.1 billion
- Imo – external N51.8 billion, domestic – N210.3 billion
- Lagos – external N1.2 billion, domestic N797.3 billion
- Ondo – external N93.1 billion, domestic N62.2 billion
- Rivers – external N140.1 billion, domestic N225.5 billion
Total domestic debt of the oil states was N21.75 trillion ($53.10 billion) in Q2 2021 but rose to N26.23 trillion ($63.24 billion) in Q2 2022, according to the NBS.
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