LAGOS BORROWS OVER N658bn IN SEVEN YEARS, DEBT STOCK NOW MORE THAN WHAT STATES IN FOUR REGIONS OWE COMBINED

The Lagos State government in the last seven years (2015-2022) borrowed a whopping N658.49 billion in the last seven years.

This is according to the latest debt data from the Debt Management Office (DMO) published on its website. 

The data showed that as at September 2022, Lagos State's domestic debt stand at N877.03 billion a massive 301.3% increase when compared to N218.53 billion it was at December 2015. 

DMO also said Lagos remains at the top of the list of Nigeria's most indebted states. 

Analysis done by StatiSense a data company revealed that Lagos makes up 59.7% of the South West (N2.39tn) debts and 19.5% of all the Subnational debts.

It further showed that Lagos state owed a total of N1.43 trillion(including external or domestic debt) as at September 2023. 

The report noted that Lagos state total public debt stock is more than what states in four regions owed combined.

North West(7 states debt combined)— N958.4bn 

North East (6 states debt combined)- N841.8bn 

North Central(6 states debt combined) — N913.8bn 

South East(6 states debt combined)— N734.4bn