Lagos State carries a debt burden of N1.04 trillion, the highest among Nigeria's 36 states and the Federal Capital Territory, according to data from the Debt Management Office (DMO). The DMO disclosed that the combined debt stock of all subnational governments in the country has reached N4.36 trillion. Lagos alone accounts for nearly a quarter of this total. The figures highlight significant fiscal disparities among states, with Lagos far exceeding others in outstanding liabilities. The DMO did not provide a breakdown of the debt by project or source of borrowing. No other state's individual debt figure was cited in the report. The data covers only subnational government debt and does not include federal borrowings.
Lagos State owes more than any other state yet receives the highest internally generated revenue, raising questions about how the funds are being deployed. The N1.04 trillion debt exists alongside claims of fiscal prudence, creating a disconnect between revenue performance and debt accumulation. Residents of Lagos continue to face infrastructure deficits despite the state's financial capacity and revenue profile. This gap suggests that spending priorities may not align with the needs of the population.
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