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South-West tops domestic debtors’ list with N1.04tn

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The South- West has more domestic debt than other regions of the country. Statistics obtained from the Debt Management Office on Monday showed that the geopolitical zone was exposed to a domestic debt of N 1 . 04 tn as of March 31 . The statistics also showed that the six geopolitical zones of the country were exposed to a total domestic debt of N 3 . 97 tn as of March 31 . This means that the South – West geopolitical zone of the country accounts for 26 . 2 per cent of the country’ s total subnational domestic debt. The geopolitical zone is made up of six states – Ondo , Ogun , Oyo , Ekiti , Lagos and Osun. Lagos , the commercial capital of the country accounts for much of the indebtedness of the zone as it has domestic debt of N 542 . 23 bn. Thus, the state, which is the largest subnational economy in the country, accounts for 51 .92 per cent of the domestic debt owed by the six states in the South – West. Osun State with N 147 . 7 bn accounts for 14 .2 per cent of the indebtedness of the South – West region while Ekiti State with N 118 .01 bn accounts for 11 .35 per cent of the domestic debt owed by the South – West geopolitical zone. Ogun State accounts for 9 .34 per cent of the domestic indebtedness of the region with a total of N 97 .09 bn while Oyo with N 94 .14 bn accounts for 9 .03 per cent of the domestic debt of the region . Ondo which has the least domestic debt in the region accounts for 5 .48 per cent with N 56 .96 bn. The South – South region has a domestic debt burden of N 949 .4 bn. This accounts for 23 . 91 per cent of the country ’s subnational domestic debt. Among the six states that make up the South- South region , Rivers State has the highest domestic debt. It has a domestic debt of N 225 . 59 bn and therefore accounts for 23 .76 per cent of the regional domestic debt. Delta State with N 233 .44 bn accounts for 23 .53 per cent of the domestic debt burden of the region . Akwa Ibom with N 199 . 77 bn accounts for 21 .04 per cent while Cross River with N 167 .25 bn accounts for 17 . 62 per cent. Bayelsa State with N 133 .34 bn accounts for 14 . 04 per cent while Edo State, the least indebted state in the region accounts for 9 .1 per cent of the domestic debt commitment of the South- South region . The North – Central region comprising Kwara , Kogi , Nasarawa , Niger , Plateau and Benue States as well as the Federal Capital Territory has a domestic debt burden of N 648 . 63 bn, accounting for 16 .34 per cent of the country’ s subnational domestic debt. The FCT Administration has a debt of N 163 .52 bn , accounting for 25 .21 per cent of the North – Central’s domestic debt. Plateau State accounts for 15 .2 per cent of the regional domestic debt while Benue State with N 96 .91 bn accounts 14 . 94 per cent. Kogi State with N 96 .68 bn accounts for 14 .91 per cent; Nasarawa State with N 89 . 95 bn accounts for 13 .87 per cent; Kwara State with N 59 .58 bn accounts for 9 .19 per cent while the least burdened state, Niger , accounts for 6 .69 per cent of the region ’s domestic debt with N 43 . 41 bn. The North – West comprising Kano , Kaduna , Katsina , Kebbi , Sokoto , Zamfara and Jigawa States has a domestic debt burden of N 485 . 39 bn, accounting for 12 .23 per cent of subnational local debt. In the region , Kano has the highest domestic debt burden of N 121 .31 bn accounting for 24 .99 per cent of the domestic debt of the region . It is followed by Kaduna State with N 93 .2 bn, accounting for 19 .2 per cent. Katsina State has a domestic debt burden of N 67 .1 bn , accounting for 13 .82 per cent of the region ’ s debt while Kebbi State accounts for 13 .81 per cent with a burden of N 67 . 04 bn. Zamfara has a domestic debt burden of N 61 .95 bn, accounting for 12 .76 per cent. Kebbi accounts for 7 .88 per cent with a total domestic debt of N 38 .23 bn. Sokoto , on the other hand, is the least indebted in the region with a debt of N 36 .57 bn , accounting for 7 .53 per cent. The North – East geopolitical zone comprising Adamawa, Bauchi, Borno, Gombe , Taraba and Yobe states has a debt burden of N 441 .19 bn , accounting for 11 .11 per cent of the country’ s subnational debt. Adamawa tops the zone with N 97 .15 bn, accounting for 22 .02 per cent of the domestic debt of the region . Bauchi has N 93 . 32 bn, accounting for 21 .15 per cent. Borno has N 78 .26 bn , accounting for 17 .74 per cent while Gombe has N 76 . 89 bn, accounting for 17 . 43 per cent. Taraba with N 68 .57 bn accounts for 15 .54 per cent while the least indebted, Yobe , with N 26 .99 bn accounts for 6 . 12 per cent. The South – East geopolitical zone comprising Imo , Abia , Enugu, Ebonyi and Anambra is the least indebted zone with N 305 .67 bn local debt accounting for 7 . 7 per cent of the country’ s subnational debt. Imo tops the region with N 97 . 85 bn, accounting for 32 .01 per cent of the regional local debt; Abia has N 62 .85 bn, accounting for 20 .56 per cent. Enugu has N 55 .88 bn , accounting for 18 .28 per cent while Ebonyi has N 55 .6 bn, accounting for 18 . 18 per cent. Anambra is the least indebted state in the region with N 33 . 49 bn, accounting for 10 . 96 per cent. .6 bn , accounting for 18 .18 per cent. Anambra is the least indebted state in the region with N 33 . 49 bn, accounting for 10 . 96 per cent.

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