The Nigerian foreign and domestic debt data published by the National Bureau of Statistics has revealed that Oil producing states in Nigeria owe a cumulative sum of N2.15 trillion in domestic debt as of June 2022.

These states earn a special 13% derivation from proceeds of oil revenues from the federation account suggesting they earn more than most other states.

Read Also: FG To Address Climate Change With $39.67bn -Mohammed Abdulahi

The oil-producing states are Delta, Akwa Ibom, Bayelsa, Rivers, Edo, Ondo, Imo, Abia, Lagos, and Anambra.  None of the oil-producing states under review recorded external debt stock.

A glance at the data shows that Lagos State held the highest amount of domestic debt stock among all oil-producing states in the country at N780.4 billion or 36% in the period under review. 

Apart from Lagos State, Abia had a domestic debt stock of N91.4 billion while Akwa Ibom’s domestic debt stock was N203,112,373,546.77.

Bayelsa State’s domestic debt stock was at N151,410,837,155.33. Rivers State’s domestic debt stock was N225,505,011,356.83. Edo State had a domestic debt stock of N112,245,185,525.89.   

Ondo State’s domestic debt stock was at N62,320,355,623.90 while Imo State had a domestic debt stock of N204,612,397,430.39.

Delta State held a domestic debt stock of N163,478,454,259.54. Anambra State held a domestic debt stock of N58,280,935,987.57.

As of the second quarter of 2022, these oil-producing states recorded both external and domestic debts.

Abia State had an external debt stock of N95,632,239.04 and a domestic debt of N107,619,057,499.23.

Akwa Ibom State had an external debt stock of N46,569,647.22 and a domestic debt stock of N203,951,611,822.07.

These states earn a significant amount of government revenue monthly just because they are classified as oil-producing.

For example, in September, t8 of them received a sum of N377.93 billion as a 13% oil derivation fund in the first half of 2022.

The amount shared in the first six months of 2022 is already 84.2% of the total N448.67 billion shared in the whole of 2021.

Assuming the annual earnings are N754 billion (N377 billion annualized), their domestic debt to oil revenue multiple is 2.8x

More on their oil revenue in the first half of 2022.

Read Also: UK Nurses To Hold First Strike In History Over Pay

Debt per state

1. Abia had a domestic debt stock of N91.4 billion.
2. Akwa Ibom had a domestic debt stock of N203.1 billion.
3. Anambra State had a domestic debt stock of N58.2 billion.
4. Bayelsa State had a domestic debt stock of N151.4 billion.
5. Delta State had a domestic debt stock of N163.4 billion.
6. Edo State had a domestic debt stock of N112.2 billion.
7. Imo State had a domestic debt stock of N204.6 billion.
8. Lagos State had a domestic debt stock of N780.4 billion.
9. Ondo State had a domestic debt stock of N62.3 billion.
10. Rivers State had a domestic debt stock of N225.5 billion.