Lagos is Nigeria’s most indebted state with highest domestic, foreign debts

Lagos State governor, Akinwumi Ambode

Lagos State, which has the highest domestic debt among all 36 states, also has the highest foreign debt as at December 31, 2016, according to official figures.

Other states with high foreign debts include Kaduna, Edo, Cross River and Ogun, the Debt Management Office, DMO, said.

A document obtained from the DMO revealed that the total foreign debts of the 36 states and the Federal Capital Territory, FCT, as well as the Federal Government of Nigeria, FGN, was $11.406 billion as at December 31, 2016.

A breakdown of the figures showed that Lagos state topped the list of foreign indebted states with a total of $1.380 billion foreign debt.

It was followed by Kaduna with $222.8 million debt and Edo with $183.6 million foreign debt.

Similarly, Cross River and Ogun states were among the top debtors with $114.9 million and $103.4 million foreign debt, respectively.

The debt record, which had three components – Multilateral, Bilateral ND Eurobond – showed that Borno, Taraba, Yobe and Plateau are the least indebted states in foreign debts.

Borno, according to the figures, was indebted to the tune of $22.068 million; Taraba with $21.9 million; Yobe with $28.5 million and Plateau with $29.1 million in foreign debts.

The DMO also noted that the Federal Government of Nigeria, FGN, was indebted to the tune of $7.838 billion as at December 2016.

The DMO, therefore, put the total debts owed by the States and the federal government as at December 2016 at $11.406 billion.

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PREMIUM TIMES also reported the domestic debts owed by the states, with Lagos State incurring the largest local debt stock of N311.7 billion.

The state, the DMO said, had the highest local debt stock in the country, followed by Akwa Ibom.

Despite incurring the highest debt, Lagos also has the highest internal revenue among the states with an internal revenue of N436 billion in 2016.


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