11 new governors slash domestic debt by over N111 billion in three months

At least 11 out of the 18 newly elected governors successfully reduced their inherited domestic debts by a significant N111.35 billion in the short span from June to September 2023.

This drop further contributed to a notable decrease in the collective debt of these 18 governors, witnessing a drop of approximately N46.79 billion within three months.

An analysis of the subnational domestic debt reports, as released by the Debt Management Office (DMO), indicates a downward shift in the total debt figures for these governors. The total debt, which stood at N2.52 trillion as of June 2023, saw a reduction to N2.47 trillion by September 2023.