36 States’ Debts Rise To N11.4tn Despite IGRs, FAAC Allocations

36 states’ debts rise to N11.4tn despite IGRs, FAAC allocations

The total debts of the 36 states in Nigeria rose to N11.47tn as of June 30, 2024, despite allocations by the Federal Accounts Allocation Committee (FAAC), and their respective internally generated revenues (IGR).

An analysis of data from the public debt reports released by the Debt Management Office (DMO) said the rise was 14.57 per cent higher than the N10.01tn recorded in December 2023.

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Eternal debt for the states and the Federal Capital Territory also climbed from $4.61bn to $4.89bn within the period under review.

In naira terms, the debts increased by 73.46 per cent, from N4.15tn to N7.2tn, following the devaluation of the naira from N899.39/$1 in December 2023 to N1,470.19/$1 by June 2024.

However, domestic debt for states and the FCT declined from N5.86tn to N4.27tn.

In total, states and the FCT accounted for Nigeria’s public debt of N134.3tn in June 2024, a decrease from their 10.29 per cent share in December 2023, even as their nominal debt levels increased.

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