Lagos, Edo and Kaduna take lead on foreign debt profile
The recent report published on the Debt Management Office (DMO) website has shown that Lagos, Edo and Kaduna top the states with the highest external debts stock while the Federal Capital Territory (FCT) stands at $22 billion (an estimated N7.965 trillion) as at June 2018.
The document also revealed that, though the states external debt stock was $4.3 bn, the federal government’s total debt was pinned at $17bn.
Lagos State has the highest profile of $1.4bn out of the 36 states, and the FCT account for 34 per cent of the total external debt stock which comprised of $1.3bn multilateral debt and another $143.8 million as bilateral debt.
Edo State is the second highest debtor with $279m multilateral loans which is a 6.5 per cent of the total debt profile. Kaduna state has $232m multilateral loan topping 34 other states on the list.
The next in the robust debt are Cross River and Enugu State which have $193m and $127m respectively.
Meanwhile, the three states with the least debt profile are Plateau with $29m, Yobe with $28m while Taraba follows with $22m.
Total Federal Government debt accounted for 80.7 per cent of Nigeria’s total external debt stock with a total of $17 billion while all states and the Federal capital territory (FCT) accounted for the remaining 19.3 per cent, an analysis of the document indicates.
Daily Trust observed that only seven states have bilateral debts funded by the French development bank, Agence Française de Développement (AFD) reaching $224m.