States that are contributing to Nigeria’s massive debt problem   

09 April 2019 : According to the latest data from the Debt Management Office (DMO), as of Dec’18, the total Debt of Nigeria has reached a whopping N 24.38 trillion ($79.437 billion).

The largest state of the country- Lagos, continues to be the most indebted state to foreign and domestic bodies in 2018.

Edo, Kaduna and Cross river, follow closely behind. These four states account for more than half of the total foreign debt owed by the sub-national governments.

In the DMO report released last week, the debt has shown a steady y/y growth of 12.25% from $70.99 billion in 2017.

Analysis of the data shows that state governments, including the nation's capital, Abuja, owed foreign and local lenders $14.34 billion (N5.15 trillion ), which accounts for a massive 22% of the total public debt in 2018.

Further analysis showed that that external debt at state levels amounted to N1.25 trillion while domestic debt accrued to N3.85 trillion.

States that are indebted to the foreign bodies in 2018:

1. Lagos

Foreign: $1.43 billion

Domestic: N530.24 billion 

2. Edo

Foreign $276.25 million

Domestic: N86.8 billion

3. Kaduna

Foreign: $227.25 million

Domestic: N84.6 billion

4. Cross River

Foreign: $188.77 million

Domestic: N167.9 billion 

5. Bauchi

Foreign: $133.93 million

Domestic: N92.3 billion

6. Enugu

Foreign: $126.18m

Domestic: N55 billion

7. Anambra

Foreign: $107.04 million

Domestic: N33.4 billion.

States that are indebted to the domestic bodies in 2018:

1. Lagos

Domestic: N530.24 billion 

2. Delta

Domestic debt data: N228 billion

3. Rivers

Domestic debt data: N225 billion

4. Akwa Ibom

Domestic debt data: N198.6 billion

5. Cross River

Domestic debt data: N167.9 billion

6. FCT

Domestic debt data: N164.2 billion

7. Osun

Domestic debt data: 148.1 billion

Reporting for EasyKobo on Tuesday , 09 April 2019 in Lagos, Nigeria

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