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

Data from the Debt Management Office revealed a significant decrease of N1.79 trillion in the domestic debt of 35 states for the first quarter 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.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 and 72 percent , 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 saw a 3 percent increase in its domestic debt during the same quarter.Click on the link below to join TheCable Channel on WhatsApp for your Breaking News, Business Analysis, Politics, Fact Check, Sports and Entertainment News!BREAKING: PSC asks police to provide evidence of corruption in recruitment exercise

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Nigeria’s debt increased by 24.99% to N121.67trn in March 2024The Debt Management Office, DMO, said that Nigeria's total public debt has increased by 24.99 per cent to N121.67 trillion (approximately $91.46 billion) as of March 31, 2024. DMO disclosed this in a statement on Thursday. The figure is a significant increase compared to the N97.34 trillion recorded on December 31, 2023.
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