The domestic debt owed by state governments and the Federal
Capital Territory administration in Nigeria rose to N5.33tn by the end of
December 2022, a year-on-year increase of N870bn.
Lagos State recorded the highest domestic debt, followed by
Delta and Ogun states, while the lowest debt was recorded by Jigawa State.
The rising debt profile of the government has raised
sustainability concerns, with the government's revenue base seen as
insufficient to service the debt sustainably. All governors were advised to
prioritize a meeting to discuss the debt issue, which was agreed upon at an
emergency meeting of the Nigeria Governors' Forum.
Information Nigeria