Ogun Has Third Highest Debt Stock among 36 States as At December 2023

Ogun state has maintained its position as the third highest debt stock among the 36 states and Federal Capital Territory, as at December 31, 2023.

The Debt Management Office (DMO) in its data says, Ogun state has a total debt stock of N278.67 billion, trailing Lagos and Delta states.

According to DMO, the N278.67 billion debt stock represents an increase of N8.22 billion over N270.45 billion as at December 2022.

As at December 30, 2020, the Debt Management Office puts the state debt profile at N108.2 billion.

Lagos state with N1.05 trillion has the highest debt stock, followed by delta state with N373.4 billion, pushing Ogun state to the third position.

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Making the top five on the chart of most indebted states are Rivers with N232.5 billion debt stock and Cross River with N220.2 billion.

Ranking sixth, Imo state saw its domestic debt increase to N217.11 billion in 2023, up from N204.22 billion recorded in 2022, reflecting a rise of N12.88 billion.

Among the top ten states, Akwa-Ibom stands out as the only one that reduced its total domestic debt stock in 2023. The state’s domestic debt decreased from N219.26 billion in December 2022 to N190.47 billion by the end of 2023, marking a reduction of N28.78 billion.

Securing the eighth spot, Benue state experienced a noteworthy surge in its domestic debt in 2023, climbing by N45.88 billion to reach N187.18 billion, compared to its 2022 figure of N141.29 billion.

Plateau State, ranking ninth, witnessed a substantial increase in its domestic debt from N149.01 billion in December 2022 to N173.93 billion by the end of 2023, marking a notable rise of N29.91 billion.

Bauchi occupies the tenth position. Its domestic debt rose from N143.63 billion in 2022 to N160.80 billion by December 2023, reflecting an increase of N17.17 billion over the course of a year.