FG, 36 States Spent N428.4 Billion to Service External Debt in 2018- NBS
The National Bureau of Statistics (NBS) in its report titled, “Nigeria’s Foreign and Domestic Debt position for Fourth Quarter, and 2018″ has disclosed that the Nigerian government and the 36 states spent N428.4 billion to service external debt amounting to N7.76 trillion ($25.3 billion) in 2018.
Nigerian States and Federal Debt Stock data as at 31st December 2018 reflected that the country’s foreign and domestic debts stood at $25.27 billion (N7.76 trillion) and N16.63 trillion respectively. The report showed that the country’s external debt rose by 33.8 percent to N7.76 trillion in 2018 from N5.8 trillion ($18.91 billion) in the year 2017.
Further disaggregation of Nigeria’s foreign debt showed that $11.01 billion of the debt was multilateral; $344.63 million was bilateral (AFD) and another $2.75 billion bilateral from the Exim Bank of China, JICA, India and KFW while $11.17 billion was commercial which are basically Eurobonds and Diaspora Bonds.
Thirty-six states of the country also roll in debt as Lagos State take the lead as the highest among others and the FCT accounting for 5.64 percent while Edo (1.09 percent), Kaduna (.0.90 percent) and Cross River (0.75 percent) followed closely.
Similarly, total domestic debt was N16.63 trillion with Lagos state accounting for 3.19 percent of the total domestic debt stock while Yobe State has the least debt stock in this category with a contribution of 0.17 percent to the total domestic debt stock.