2017 Debt Stock: Lagos State Has The Highest Domestic and Foreign Debts – NBS

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The Nigerian States and Federal data as at 31st December 2017 reflected that the country foreign and domestic debts stood at $18.9bn and N3.35trn respectively, the National Bureau of Statistics said on Monday.
The NBS gave further disaggregation of Nigeria 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.
According to the NBS,  the total FGN debt accounted for 78.23% of Nigeria total foreign debt while all States and the Federal Capital Territory (FCT) accounted for the remaining 21.77%.
Investigations by Brand Spur showed that 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.
States and the FCT Domestic Debt is the actual Amount Outstanding against 32 States & the FCT as at end-December, 2017. 3 States (Akwa-Ibom, Katsina and Lagos State) were as at September 2017. Borno State was as at June 2017.
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