States with highest domestic debts

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The domestic debt of Nigeria’s 36 states and the Federal Capital Territory (FCT) rose by N198.96 billion in Q2 2024, representing a 5% increase over the previous quarter. Here's a breakdown of the top 10 states with the highest domestic debt as of Q2 2024:

1. **Lagos** – N885.99 billion (down 5% from Q1 2024)

   - Lagos remains the state with the highest debt but managed a 5% reduction, showcasing its strong revenue-generating capacity.

2. **Rivers** – N389.20 billion (up 67% from Q1 2024)

   - Rivers saw a massive N156.62 billion increase in debt, likely due to large-scale infrastructure and diversification projects.

3. **Delta** – N304.54 billion (down 9% from Q1 2024)

   - Delta reduced its debt by N30.36 billion, reflecting a significant effort to improve financial management despite fluctuating oil revenues.

4. **Ogun** – N211.13 billion (down 5% from Q1 2024)

   - Ogun’s 5% reduction in debt aligns with its strategy to attract investment and expand its industrial base.

5. **Imo** – N159.19 billion (down 2% from Q1 2024)

   - Imo’s debt decreased by N3.87 billion, signaling fiscal discipline amid ongoing development needs.

6. **Cross River** – N155.49 billion (slightly down by N682.14 million from Q1 2024)

   - Cross River’s minimal debt decrease suggests a cautious approach while pursuing ambitious projects in tourism and industrialization.

7. **Bauchi** – N147.23 billion (up 36% from Q1 2024)

   - Bauchi’s debt rose significantly due to increased investment in infrastructure and social welfare programs, highlighting the need for better revenue mechanisms.


8. **Niger** – N146.29 billion (up 70% from Q1 2024)

   - Niger’s debt surged by N60.22 billion, likely for infrastructure and development initiatives, but concerns remain about the sustainability of such borrowing.

9. **Akwa Ibom** – N132.87 billion (down 7% from Q1 2024)

   - Akwa Ibom reduced its debt by N10.06 billion, reflecting proactive debt management despite its high expenditure demands.

10. **Benue** – N116.88 billion (up slightly by N144.24 million from Q1 2024)

   - Benue’s minimal increase in debt shows a conservative approach to borrowing, suggesting a focus on maintaining fiscal discipline.

The overall rise in debt is indicative of the states' continued reliance on borrowing to fund development, infrastructure, and social projects. However, the varying levels of debt changes highlight differences in financial management strategies across the states. Some, like Lagos and Delta, have been able to reduce their debt, while others, like Rivers and Niger, have seen substantial increases.

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