13 Nigerian state governors borrowed N226.8bn ($500m) in six months, increasing 16 states' debt profiles by N509.3bn ($1.1bn).

13 newly-elected Nigerian state governors borrowed N226.8bn (approximately $500m) in domestic and external funds within the first six months of their tenure, according to an analysis by the Debt Management Office (DMO). This borrowing has led to an increase in the debt profiles of 16 Nigerian states by N509.3bn (approximately $1.1bn) through domestic and external borrowing. Despite President Bola Tinubu's declaration that his administration would not continue with massive borrowings from the previous government, new government borrowing appears to be persisting.

March 31, 2024
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