THE BREAKDOWN: Jigawa, Ondo lead as 35 states cut domestic debts by N1.8trn in Q1 2024

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
4. 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
14. Yobe: -46 percent
16. Edo: -42 percent
17. Zamfara: -41 percent
18. Osun: -40 percent
19. Benue: -38 percent
19. Niger: -38 percent
19. Oyo: -38 percent
19. Plateau: -38 percent
19. Sokoto: -38 percent
24. Bauchi: -33 percent
25. Bayelsa: -32 percent
26. Cross River: -29 percent
27. Adamawa: -25 percent
27. Akwa Ibom: -25 percent
27. Imo: -25 percent
30. Ogun: -21 percent
31. Gombe: -20 percent
32. Abia: -18 percent
33. Enugu: -11 percent
33. Lagos: -11 percent
35. Delta: -10 percent