Lagos, Kaduna, Edo Lead In $15.05bn Foreign Debts – NBS

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The National Bureau of Statistics (NBS) has listed Lagos among states with the highest domestic debt and the highest foreign debt estimated at $15.05 billion as at June 30, 2017.

According to NBS, other states with high foreign debts include Kaduna, Edo, Cross River and Ogun.

In its report on Nigerian Domestic and Foreign Debt as at June 2017, NBS revealed that the total domestic debts of the 36 states and the Federal Capital Territory (FCT) was N14.06 trillion billion as at June 30, 2017.

A breakdown of the figures showed that Lagos State topped the list of foreign indebted states by multilateral, with a total of $1.3 billion foreign debt and bilateral debt of about $136 million, bringing the total foreign and domestic debts of the state to $1.45 billion as at June 2017.

It is followed by Kaduna with $232 million debt and Edo with $213.95 million foreign debt. The report by NBS stated, “Nigerian States and Federal Debt Stock data as at June 30, 2017 reflected that the country’s foreign and domestic debts stood at $15.05billion and N14.06 trillion respectively.

“Further disaggregation of Nigeria’s foreign debt showed that $9.67billion of the debt was multilateral; $218.25million was bilateral (AFD) and $5.15billion from the Exim Bank of China credited to the federal government.

“Total Federal government debt accounted for 74per cent of Nigeria’s total foreign debt while all States and the Federal Capital Territory (FCT) accounted for the remaining 26per cent. Similarly, total FGN debt accounted for 78.66 per cent of Nigeria’s total domestic debt while all States and the FCT accounted for the 21.34per cent balance.

NBS continued: “A breakdown of the FGN domestic debt stock by instruments reflected that N7.56trillion or 68.41per cent of the debt are in Federal Government Bonds; N3.28trillion or 29.64per cent are in treasury bills and N215.99million or 1.95per cent are in treasury bonds.

“Lagos State has the highest foreign debt profile among the thirty-six states and the FCT accounting for 37 per cent while Kaduna (six per cent), Edo (five per cent), Cross River (four per cent) and Ogun (three per cent) followed closely.

“Similarly, Lagos State has the highest domestic debt profile among the 36 and the FCT accounting for 10.39per cent while Delta (8.04per cent), Akwa Ibom (5.18per cent), FCT (5.09per cent) and Osun (4.90per cent) followed in that order.”

Cross River and Ogun States were among the top debtors with $128.5 million and $101.2 million foreign debt, respectively. The debt record, which had three components- Multilateral, Bilateral ND Eurobond – showed that Borno ($22.4 million), Taraba ($22.39 million), Yobe ($29 million) and Plateau ($29.7 million) are the least indebted states in foreign debts.

The bureau report also noted that the federal government was indebted to the tune of $11.1 billion as at June 30, 2017, with a breakdown of $5.9 billion multilateral , $5 million bilateral and $5.14 billion JICA, India, FKW, Eurobonds and diaspora Bonds.

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