I thought revenue to states has quadrupled?
I wrote an article few days ago entitled “The Mathematics of Deception” and now the Debt Management Office has spoken, and the numbers do not lie.
According to DMO data obtained and analysed by The PUNCH, the domestic debt stock of seven states FCT, Edo, Borno, Yobe, Benue, Kaduna and Nasarawa jumped sharply from N355.18bn at the end of December 2025 to March 31, 2026. That is not a marginal increase. That is a sprint.
Yet even as the debt climbs, the politics of denial is climbing faster.
Some governors have repeatedly told citizens they have not contracted fresh loans. The message is always the same: “We are prudent. We are not borrowing.” But the DMO ledger tells a different story. You cannot preach austerity in public and add billions to your debt profile in private.
Take Edo State. Gov. Okpebholo recently told Edo people and Nigerians to “thank President Tinubu for giving him money.” Gratitude is fine. Transparency is better. If the money came as support, say so. If it came as debt, say so. Nigerians deserve to know whether what we are celebrating today will become what our children are servicing tomorrow.
Debt is not inherently evil. It builds roads, schools, and hospitals when it is planned, disclosed, and invested properly. The problem is when debt grows in darkness, while leaders perform gratitude theater for the cameras.
The pattern is clear: elections are won with vibes, and governance is run with loans. We debate miracles instead of manifestoes, and we interrogate spirituality instead of spreadsheets.
2027 must be different. We must demand context over charisma. Data over drama.
Let the DMO data be our mirror. Let citizens ask governors three simple questions: How much did you borrow? What did you use it for? How will you pay it back?
No more rubies for swine. No more debt without debate.
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bcradle@ymail.com