New governors that will inherit N4.27trn domestic debt burden from May 29

New governors, including re-elected incumbents, will face a huge debt burden starting May 29, 2023. Their predecessors left the debts, except for 11 governors, who are returning re-elected.

These governors will face a mountainous debt burden of N4.27 trillion. Experts have pointed out that the debt stock will pose a considerable challenge to the governors, who will be new on the job beginning May 29, 2023.

According to data from the Debt Management Office (DMO), the total domestic debt of the 28 states where elections took place on March 18, 2023, is about N4.27 trillion as of September last year.

The states accumulate foreign debt stock of $3.729 billion as of June 30, 2022. BusinessDay reports that the debt burden made the top list of experts’ worries as monthly revenues dwindle from the federal account, including poor revenue generation by the states.

DMO data shows the entire domestic debt stock for the 36 states, and Abuja was N5.36 trillion as of September 2022.

Their external debt stock was valued at $4.526 billion as of June 2022.

States and their domestic debts

Adamawa: N122bn

Oyo: N160bn

Imo: N210bn

Bayelsa: N151bn

Ogun: N241bn

Akwa Ibom: N219bn

Anambra N75bn

Bauchi N144bn

Rivers, N225bn.

Kano: N125bn

Ebonyi: N67bn

Edo: N110bn

Ekiti: N118bn

Taraba: N90.8bn

Cross River: N175.1bn

Zamfara N109.6bn

Borno: N96.3bn

Katsina: N62.3bn

Enugu: N89.8bn

Benue: N143.3bn

Kogi: N90.1 billion

Nasarawa: N72.6bn

Kebbi: N60.1bn

Kwara: N109.5bn

Jigawa, N44.4bn

Abia: N104.5bn

Yobe: N92.8bn:

Sokoto: N85.5bn:

Delta: N272.6bn.

Lagos: N877bn

Gombe: N139bn

Kaduna: N86bn

Niger: N98bn

Ondo: N78 billion

Osun: N149 billion

Plateau: N151bn

FCT: N112bn