Oil producing states in Nigeria owe a cumulative sum of N2.15 trillion in domestic debt as of June 2022. This is according to the Nigerian foreign and domestic debt data published by the National Bureau of Statistics.
Oil-producing states in Nigeria are Delta, Akwa Ibom, Bayelsa, Rivers, Edo, Ondo, Imo, Abia, Lagos, and Anambra.
None of the oil producing states under review recorded external debt stock.

These states earn a special 13 per cent derivation from proceeds of oil revenues from the federation account suggesting they earn more than most other states.
A cursory review of the data shows that Lagos State held the highest amount of domestic debt stock among all oil-producing states in the country at N780.4 billion or 36 per cent in the period under review.

Apart from Lagos State, Abia had a domestic debt stock of N91.4 billion while Akwa Ibom’s domestic debt stock was N203,112,373,546.77.
Bayelsa State’s domestic debt stock was at N151,410,837,155.33. Rivers State’s domestic debt stock was N225,505,011,356.83. Edo State had a domestic debt stock of N112,245,185,525.89.

Ondo State’s domestic debt stock was at N62,320,355,623.90 while Imo State had a domestic debt stock of N204,612,397,430.39.
Delta State held a domestic debt stock of N163,478,454,259.54. Anambra State held a domestic debt stock of N58,280,935,987.57.
The oil producing states recorded both external and domestic debts.

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Abia State had an external debt stock of N95,632,239.04 and a domestic debt of N107,619,057,499.23. Akwa Ibom State had an external debt stock of N46,569,647.22 and a domestic debt stock of N203,951,611,822.07.

These states earn a significant amount of government revenue monthly just because they are classified as oil producing.

For example, in September, t8 of them received a sum of N377.93 billion as 13 per cent oil derivation fund in the first half of 2022.

The amount shared in the first six months of 2022 is already 84.2 per cent of the total N448.67 billion shared in the whole of 2021.

Assuming the annual earnings are N754 billion (N377 billion annualized), their domestic debt to oil revenue multiple is 2.8x