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Report: Ondo, Jigawa  lead in domestic  debts reduction

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 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: Jigawa: -95 percent, Ondo: -77 percent, Kebbi: -72 percent, Ebonyi: -68 percent, Kogi: -68 percent, Nassarawa: -67 percent, Kaduna: -66 percent, Borno: -63 percent, Katsina: -62 percent, Taraba: -60 percent, Anambra: -54 percent, Ekiti: -48 percent, Kano: -47 percent, Kwara: -46 percent, Yobe: -46 percent, Edo: -42 percent, Zamfara: -41 percent, Osun: -40 percent, Benue: -38 percent, Niger: -38 percent,

Others are; Oyo: -38 percent, Plateau: -38 percent, Sokoto: -38 percent, Bauchi: -33 percent, Bayelsa: -32 percent, Cross River: -29 percent, Adamawa: -25 percent, Akwa Ibom: -25 percent, Imo: -25 percent, Ogun: -21 percent, Gombe: -20 percent, Abia: -18 percent, Enugu: -11 percent, Lagos: -11 percent, Delta: -10 percent.

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Report: Ondo, Jigawa  lead in domestic  debts reduction

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