Lagos State Has the Highest Foreign and Domestic Debts as at June 2017

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PIC 2. RECONSTRUCTION OF LAGOS - BADAGRY EXPRESS WAY IN PROGRESS .

Nigerian States and Federal Debt Stock data as at 3oth June 2017 reflected that the country’s foreign and domestic debts stood at $15.05bn and N14.06trn respectively.

Further disaggregation of Nigeria’s foreign debt showed that $9.67bn of the debt was multilateral; $218.25m was bilateral (AFD) and $5.15bn from the Exim Bank of China credited to the Federal Government of Nigeria (FGN).

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

A breakdown of the FGN domestic debt stock by instruments reflected that N7.56trn or 68.41% of the debt are in Federal Government Bonds; N3.28trn or 29.64% are in treasury bills and N215.99mln or 1.95% are in treasury bonds.

Lagos State has the highest foreign debt profile among the thirty-six states and the FCT accounting for 37% while Kaduna (6%), Edo (5%), Cross River (4%) and Ogun (3%) followed closely.

Similarly, Lagos State has the highest domestic debt profile among the thirty-six and the FCT accounting for 10.39% while Delta (8.04%), Akwa Ibom (5.18%), FCT (5.09%) and Osun (4.90%) followed in that order.

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