Statistics obtained from the Debt Management (DMO) office on Monday has revealed that Oyo State is rated the 5th indebted among the 6 south west states in the Country with N94.14billion debt.
The debt, according to a report from DMO’s office also accounts for 9.03 per cent of the domestic debt of the region.
According to The Punch’s report, this showed that the geopolitical zone was exposed to a domestic debt of N1.04tn as of March 31.
The South-West has more domestic debt than other regions of the country.
The statistics also showed that the six geopolitical zones of the country were exposed to a total domestic debt of N3.97tn as of March 31.
This means that the South-West geopolitical zone of the country accounts for 26.2 per cent of the country’s total subnational domestic debt. It tops domestic debtors’ list with N1.04tn.
The geopolitical zone is made up of six states – Ondo, Ogun, Oyo, Ekiti, Lagos and Osun. Lagos, the commercial capital of the country accounts for much of the indebtedness of the zone as it has domestic debt of N542.23bn.
Thus, the state, which is the largest subnational economy in the country, accounts for 51.92 per cent of the domestic debt owed by the six states in the South-West.
Osun State with N147.7bn accounts for 14.2 per cent of the indebtedness of the South-West region while Ekiti State with N118.01bn accounts for 11.35 per cent of the domestic debt owed by the South-West geopolitical zone.
Ogun State accounts for 9.34 per cent of the domestic indebtedness of the region with a total of N97.09bn while Ondo which has the least domestic debt in the region accounts for 5.48 per cent with N56.96bn.
