Lagos accounts for 12.15% as states debts hit N4.2tn

LAGOS, the commercial nerve centre of Nigeria, has retained its position as the state with the highest debt profile by accounting for 12.25 per cent of the debt stock as of the end of 2020.

This was revealed in the report of the National Bureau of Statistics on ‘Nigerian domestic and foreign debt (Q4, 2020)’ released yesterday.

According to the report, the total states and Federal Capital Territory domestic debt profile has hit N4.2tn.

The report showed that Jigawa State had the least debt stock in this category with a contribution of 0.74 per cent.

Abia, Adamawa, Akwa Ibom and Anambra had N89.12bn (2.13 per cent), N98.9bn (2.36 per cent), N230.8bn and N59.97bn, while Bauchi, Bayelsa, Benue and Borno had N102.8bn, N144.13bn, N126.12bn and N89.05bn respectively.

Cross River, Delta, Ebonyi, Edo had N163.16bn, N248.45bn, N44.21bn, and N80.78bn, while Ekiti, Enugu, Gombe, Imo and Jigawa had N84.97bn, N68.09bn, N84.72tn, N150.2bn and N30.97bn respectively.

Kaduna, Kano, katsina, kebbi, Kogi, Kwara and Lagos had N68.75bn, N116.93bn, N48.03bn, N56.81bn, N68.09bn, N63.63bn, N508.78bn while Nasarawa, Niger, Ogun, Ondo, Osun, and Oyo had N59.4bn, N66.77bn, N153.49bn, N74.66bn, N134.11bn and N94.5bn respectively.

Plateau, Rivers, Sokoto, Taraba and Yobe had N137.8bn, N266.9bn, N42.36bn, N106.04bn and N54.87bn, while Zamfara and the FCT had N98.02bn and N69.5bn respectively.
According to the report, Nigerian states and federal debt stock data as of December 31, 2020 reflected that the country’s total public debt portfolio stood at N32.92tn.

Further disaggregation of Nigeria’s foreign debt showed that $17.93bn of the debt was multilateral; $4.06bm was bilateral from the AFD, Exim Bank of China, JICA, India, and KFW while $11.17bn was commercial which are Eurobonds and diaspora bonds and $186.70 as promissory notes.