Lagos State dominates Nigeria’s foreign and domestic debt which hits $22bn and N 15.6 tn respectively.   

21 September 2018  : The country’s present foreign and domestic debts stood at a whopping $22.08bn and N15.63tn, respectively as reported at the end of  Q2’18 according National Bureau of Statistics.Amongst the 36 states of the federation and the Federal Capital Territory ( FCT) , Lagos state has the biggest share of the foreign and local debts accounting for 34.17 %, while Edo (6.57 %), Kaduna (5.48 %), Cross River (4.56 %) and Bauchi (3.18 %), followed close behind.

Breakdown of the foreign debt shows that $10.88bn of the debt was multilateral; $274.98m was bilateral (AFD) and another $2.12bn bilateral from the Exim Bank of China, JICA, India and KFW, while $8.80bn was commercial.

The domestic debt is rowing in the same titanic reporting a total debt of N3.48tn, where Lagos State accounts for 14.88 % of the total domestic debt stock, and Anambra State has the least debt in this category with a contribution of mere 0.08 % to the total domestic debt stock.”

In terms of the domestic debt stock of the states and the FCT, while Lagos owes N517.367bn; Delta owes N222.680bn; Akwa Ibom owes N179.714bn; while Kaduna owes N75.606bn. Furthermore, Abia owed N57.467bn; Adamawa, N67.460bn; Anambra, N2.612bn; Bauchi, N78.076bn; and Bayelsa, N123.031bn.

The NBS statistics report stated that the Federal Government’s domestic debt stock figure was a massive total of N12.151tn during the same period..

Reporting for EasyKobo on Friday , 21 September 2018 in Lagos, Nigeria

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