Economy

Lagos State Has the Highest Foreign Debt Profile as at June 2018-NBS

September 20, 2018/NBS

Nigerian States and Federal Debt Stock data as at 3oth June 2018 reflected that the country’s foreign and domestic debts stood at $22.08bn and N15.63trn respectively.

Further disaggregation of Nigeria’s foreign debt showed 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.

Lagos State has the highest foreign debt profile among the thirty-six states and the FCT accounting for 34.17% while Edo (6.57%), Kaduna (5.48%), Cross River (4.56%) and Bauchi (3.18%) followed closely.

Similarly, total domestic debt was N3.48 trillion with Lagos state accounting for 14.88 % of the total domestic debt stock while Anambra State has the least debt in this category with a contribution 0.08% to the total domestic debt stock.

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