Lagos is Nigeria’s most indebted state – DMO

With a foreign debt of $1.45bn as at June 30, 2018, Lagos state leads other states in the federation as the most indebted state in the country.

According to document obtained by National Daily from the Debt management Office (DMO), the external debt stock of the entire nation stood at 22 billion dollars with the Federal Government incurring 17.8 billion dollars, while the states and the FCT owed 4.28 billion dollars.

This means that the Federal Government accounts for 81 per cent of the country’s external debt, while the states and the FCT account for 19 per cent.

As at Dec. 31, 2017, Lagos State also had the highest foreign debt portfolio 1.47 billion dollars, but the figure reduced to 1.45 billion dollars by June 30. Following Lagos in a distant second is Edo, which incurred 279 million dollars.

Others are Kaduna, 232.9 million dollars; Cross River, 193.7 million dollars; Bauchi, 134.9 million dollars and Enugu, 127.9 million dollars.

According to the DMO, other top debtors are Anambra owing 107.4 million dollars; Oyo, 106.34 million dollars; Ogun, 105.3 million dollars; Osun, 101.5 million dollars and Abia with 100.2 million dollars.

Following closely are Ekiti with 97.9 million dollars; Ondo with 81.4 million dollars; Rivers, 79.5 million dollars; Ebonyi, 67.9 million dollars; Kano, 65 million dollars; Katsina, 64.7 million dollar and Delta, 63.8 million dollars.

The statement also revealed that Imo incurred 61.2 million dollars; Nassarawa, 61.4 million dollars; Adamawa, 57.8 million dollars; Niger, 55.7 million dollars; and Bayelsa with 57.2 million dollars.

Others are Akwa Ibom with 48.3 million dollars; Kebbi, 46.7 million dollars; Kwara, 49.8 million dollars and Sokoto with 40.2 million dollars.

States with the lowest debt portfolio include Taraba, with 22.1 million dollars; Borno, 22.2 million dollars; Yobe, with 28.4 million dollars and Plateau with 29.6 million dollars.

Others are Kogi, with 32.37 million dollars; Jigawa, 32.80 million dollars; FCT, 32.83 million dollars; Zamfara, 34.2 million dollars; Benue, 34.7 million dollars and Gombe, 38.5 million dollars.

According to the figures for June 30 released by the DMO, the ratio between domestic and external debt stood at 70 to 30 compared to 73 to 27 in Dec. 2017.