NBS: Lagos State has the Highest Domestic and Foreign Debts in 2017

Enterprise Television- NBS: Lagos State Has the Highest Domestic and Foreign Debts in 2017

Nigerian States and Federal Debt Stock data as at 31st December 2017 reflected that the country’s foreign and domestic debts stood at $18.9bn and N3.35trn respectively.

Further disaggregation of Nigeria’s foreign debt showed that $10.24bn of the debt was multilateral; $274.98m was bilateral (AFD) and $2.09bn from the Exim Bank of China credited to the Federal Government of Nigeria (FGN) while $6.30bn was commercial.

Total FGN debt accounted for 78.23% of Nigeria’s total foreign debt while all States and the Federal Capital Territory (FCT) accounted for the remaining 21.77%.

Lagos State has the highest foreign debt profile among the thirty-six states and the FCT accounting for 35.61% while Kaduna (5.79%), Edo (5.64%), Cross River (4.08%) and Enugu (3.23%) followed closely.

Similarly, total state domestic debt was N3.35 trillion with Lagos state accounting for 10.85 % of the total domestic debt stock while Sokoto has the least debt in this category with a contribution 0.78% to the total domestic debt stock.

Source- Proshare

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