Lagos, most indebted state in Nigeria

Lagos State has the highest foreign debt profile among the thirty-six states and the FCT accounting for 37% while Kaduna (6%), Edo (5%), Cross River (4%) and Ogun (3%) followed closely.

Similarly, Lagos State has the highest domestic debt profile among the thirty-six and the FCT accounting for 10.39% while Delta (8.04%), Akwa Ibom (5.18%), FCT (5.09%) and Osun (4.90%) followed in that order.

According to statistics made available to National Daily, Nigerian States and Federal Debt Stock data as at 3oth June 2017 reflected that the country’s foreign and domestic debts stood at $15.05bn and N14.06trn respectively.

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Further disaggregation of Nigeria’s foreign debt showed that $9.67bn of the debt was multilateral; $218.25m was bilateral (AFD) and $5.15bn from the Exim Bank of China credited to the Federal Government of Nigeria (FGN).

Total FGN debt accounted for 74% of Nigeria’s total foreign debt while all States and the Federal Capital Territory (FCT) accounted for the remaining 26%. Similarly, total FGN debt accounted for 78.66% of Nigeria’s total domestic debt while all States and the Federal Capital Territory (FCT) accounted for the 21.34% balance.

A breakdown of the FGN domestic debt stock by instruments reflected that N7.56trn or 68.41% of the debt are in Federal Government Bonds; N3.28trn or 29.64% are in treasury bills and N215.99mln or 1.95% are in treasury bonds.