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Report: Jigawa, Ondo lead in reduction of domestic debts in Q1 2024

…As Ondo records 77 percent cut in debts

Data from the Debt Management Office (DMO) revealed a significant decrease of N1.79 trillion in the domestic debt of 35 states for the first quarter (Q1) of 2024.

As at December 2023, the domestic debt of states was N5.86 trillion, but fell to N4.07 trillion in March 2024 — marking a 31 percent reduction in three months.

Analysis by  TheCable Index shows that Jigawa state made the most domestic debt cut in Q1 this year.

The debt profile of the north-western state shrunk by 95 percent or N40.69 billion.

Ondo and Kebbi states also achieved impressive reductions of 77 percent (N55.11 billion) and 72 percent (N61.25 billion), respectively.

While other states also reduced their debt burdens, Rivers’ domestic debt remained steady at N232.58 billion in the period examined.

However, the federal capital territory (FCT) saw a 3 percent increase (N2.49 billion) in its domestic debt during the same quarter.

Here is a breakdown of how states reduced their domestic debts in percentages:

  1. Jigawa: -95 percent
  2. Ondo: -77 percent
  3. Kebbi: -72 percent
  4. Ebonyi: -68 percent
  5. Kogi: -68 percent
  6. Nassarawa: -67 percent
  7. Kaduna: -66 percent
  8. Borno: -63 percent
  9. Katsina: -62 percent
  10. Taraba: -60 percent
  11. Anambra: -54 percent
  12. Ekiti: -48 percent
  13. Kano: -47 percent
  14. Kwara: -46 percent
  15. Yobe: -46 percent
  16. Edo: -42 percent
  17. Zamfara: -41 percent
  18. Osun: -40 percent
  19. Benue: -38 percent
  20. Niger: -38 percent
  21. Oyo: -38 percent
  22. Plateau: -38 percent
  23. Sokoto: -38 percent
  24. Bauchi: -33 percent
  25. Bayelsa: -32 percent
  26. Cross River: -29 percent
  27. Adamawa: -25 percent
  28. Akwa Ibom: -25 percent
  29. Imo: -25 percent
  30. Ogun: -21 percent
  31. Gombe: -20 percent
  32. Abia: -18 percent
  33. Enugu: -11 percent
  34. Lagos: -11 percent
  35. Delta: -10 percent Source: TheCable
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