How much more debt did Nigerian states add to their existing domestic debt in 2023?
Nigerian states' domestic debt increased by 9.8% in 2023, with 20 states and the FCT contributing to this increase. Lagos State recorded the biggest jump in domestic debt with ₦241.5b added.
States and the FCT accounted for ₦4.12 trillion — 19.98% of Nigeria's Total Domestic Debt and 12.45% of the Total Public Debt, with Lagos having the most outstanding debt of ₦507.4 billion — 12.3% of the Total Debt Stock by states and the FCT.
Rivers State generated the highest revenue among the South-Southern states in 2020, making it the second top contributor among all states. Delta State received the highest allocation from the FAAC in the region.