DMO: State govs borrow N870bn from local banks, investors in 2022

The Debt Management Office (DMO) has disclosed that Nigerian state governors borrowed a total of N870 billion from local banks and investors in 2022.

This borrowing frenzy has led to an increase in the sub-national domestic total debt from N4.46 trillion in December 2021 to N5.33 trillion by the end of December 2022.

In terms of the breakdown of domestic debt data, Lagos State had the highest domestic debt as of the end of Q4 2022, totaling N807.21 billion.

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