Lagos State, the commercial nerve-center of Nigeria, has retained its position as the state with the highest foreign debt in the country, with a foreign debt put at 1.45 billion dollars as at June 30.

A document obtained by the News Agency of Nigeria, NAN, from the Debt Management Office (DMO), on Wednesday in Abuja, titled: ‘States, Federal Capital Territory (FCT) and Federal Governments’ External Debt Stock as at June 30, 2018,’ also detailed other states’ external debts.

The document also stated that the external debt stock of the entire nation stood at 22 billion dollars with the Federal Government incurring 17.8 billion dollars, while the states and the FCT owed 4.28 billion dollars.

This means that the Federal Government accounts for 81 per cent of the country’s external debt, while the states and the FCT account for 19 per cent.

The News Agency of Nigeria (NAN) reports that as at Dec. 31, 2017, Lagos State also had the highest foreign debt portfolio 1.47 billion dollars, but the figure reduced to 1.45 billion dollars by June 30.

Following Lagos in a distant second is Edo, which incurred 279 million dollars.

Others are Kaduna, 232.9 million dollars; Cross River, 193.7 million dollars; Bauchi, 134.9 million dollars and Enugu, 127.9 million dollars.

According to the DMO, other top debtors are Anambra owing 107.4 million dollars; Oyo, 106.34 million dollars; Ogun, 105.3 million dollars; Osun, 101.5 million dollars and Abia with 100.2 million dollars.

Following closely are Ekiti with 97.9 million dollars; Ondo with 81.4 million dollars; Rivers, 79.5 million dollars; Ebonyi, 67.9 million dollars; Kano, 65 million dollars; Katsina, 64.7 million dollar and Delta, 63.8 million dollars.

The statement also revealed that Imo incurred 61.2 million dollars; Nassarawa, 61.4 million dollars; Adamawa, 57.8 million dollars; Niger, 55.7 million dollars; and Bayelsa with 57.2 million dollars.

Others are Akwa Ibom with 48.3 million dollars; Kebbi, 46.7 million dollars; Kwara, 49.8 million dollars and Sokoto with 40.2 million dollars.

States with the lowest debt portfolio include Taraba, with 22.1 million dollars; Borno, 22.2 million dollars; Yobe, with 28.4 million dollars and Plateau with 29.6 million dollars.

Others are Kogi, with 32.37 million dollars; Jigawa, 32.80 million dollars; FCT, 32.83 million dollars; Zamfara, 34.2 million dollars; Benue, 34.7 million dollars and Gombe, 38.5 million dollars.

NAN reports that the Director-General of DMO, Ms Patience Oniha, had at a media conference on Aug. 14, said as at June 30, the nation’s public debt stock increased marginally by 3.01 per cent from that of Dec. 2017.

“One of the beneficial outcomes is the rebalancing of the debt stock, the ratio of domestic debt to external debt inching towards the target of 60:40 and the target of 75:25 between long term domestic debt and short term domestic debt.

According to the figures for June 30 released by the DMO, the ratio between domestic and external debt stood at 70 to 30 compared to 73 to 27 in Dec. 2017.

Oniha said the ratio of 60 to 40 was important to ensure that the nation was not 100 per cent indebted externally, and that it was also easier to raise money domestically.

Oniha also said the Federal Government had been borrowing from the external debt market to refinance maturing local debts because of the lower interest rates obtainable from foreign sources

http://www.metronaija.ng/lagos-state-has-highest-foreign-debt-in-the-country-dmo/

I expected Lagos' external debt profile to be high for obvious reasons....but 1.45b dollars is astronomical.....
In the times past,the budget spending of Lagos have been challenged to be made public...but its been treated in a conclave...
The FOI have been used,Lagos has gone to Court that the FOI is a Federal law and not binding on states...Ganduje had joined when quizzed for Kano....I also know their colleagues in other states will shamelessly do same......

Abeg,where Abia 100million dollars enter biko nu?
I wonder where Abia's own entered,obviously the Dan Bauwa or whatever of Daura,Ikuku and his father and then the current "Igbo Aregbese!"

God will help us.....debts our children will still be paying..
Ask those same Governors if they are been owed security votes now?
That one is up to date.......
Pathetic!

Hmm despite the so called high IGR and slow development Lagos is still in debt

TINUBU OWN LAGOS STATE , HE WILL DEFINITELY PAY BACK AT THE APPROPRIATE TIIME.LAGOS STATE IS NOTHING WITHOUT HUGE DEBT.

United States has the highest debt profile in the world

Rihanna Dancing To Davido AZA Ft. Duncan Mighty In Public


https://www.youtube.com/watch?v=pKduFZbLAUg

Peter Psquare Buys New Mansion In Atlanta As He Prank His Son



https://www.youtube.com/watch?v=i_LShWDjtcU

Oh lawd

I c

oh

Wit all awa tax, yet na debt b dare surname

Awon onigbese

At least, the state is developing.... Unlike the FG that keep borrowing funds with no result...

The APC guys just like debt sha. E be like say these guys plan to mortgage Nigeria to USA ooo

Indebted but obvious development to some extent. What has States like Edo done with theirs?

Most of the debt is retained given then massive amount of imports in relation to exports into Lagos that creates a massive imbalance; majority of such linked to the massive amount of projects conducted by the state based on imports of materials. The materials for its infrastructure isn’t necessarily sourced at home

Debt put to use is not the problem, debt for personal use is the problem

Apc...... Shit

Oshiomole just finished Edo State. I pity d incumbent governor

Debt is good as far as it is not odious or used for concurrent issues. I personally don't think that any state with zero or low debt has any development plan in its agenda

As long as we are seeing what the debt is being used for, what does it matter. The U.S has the highest debt in the world, but it is a developed country.

The largest economies are run on debt. The USA has a debt of not less than 8 trillion dollars.

Only economically viable economies attract lenders. Somewhere like that forest called Ebonyi can't attract investors and lenders.

The frog-eyed jaga-bandit at Bourdillon can easily pay that debt off. In cash sef, if necessary.

They shouldn't disturb us with nonsense statistics when they know where to look.

And someone want to kill me because I'm owing 1500




Shior

Show some respect please

Hedonini:
The frog-eyed bandit at Bourdillon can easily that that debt off.

NIGERIA N DEBTS R LIKE 5&6