List of Nigerian states that experienced a debt reduction

More than half the regions in Nigeria recently experienced a debt reduction. The debt reduction occurred in Q3 of 2023. More states this quarter saw a reduction of their domestic debt stock than the previous quarter.

According to a report by The Cable Newspaper, a Nigerian news publication, 22 out of 36 Nigerian states, including its capital, the Federal Capital Territory (FCT), experienced a significant drop in its domestic debt stock of up to N176.3 billion ($195 million).

The Cable’s report showed that data from the Debt Management Office (DMO) additionally revealed that the country’s 36 states saw an aggregate reduction in domestic debt stock of up to N74.64 billion in the same period under review.

For context, the accumulated debts of these states in June, ending Q2, stood at N5.82 trillion. By the end of September, the debt had reduced to N5.74 trillion.

Source: Business Insider