RECESSION: The List of Debtor States in Nigeria and What They Owe!

Lagos, Kaduna Lead Debtor States

Meanwhile, new data released by the Debt Management Office (DMO) has shown that Lagos, Kaduna and Edo States are the most indebted states in the country, with a combined debt profile of $1.84 billion.
According to the data released by DMO on Wednesday, the 36 states of the federation and the Federal Capital Territory (FCT) owe $3.65 billion in foreign debts as against the $7.61 billion owed by the federal government as of June 30, 2016, bringing the country’s total foreign debt to $11.26 billion, reported the News Agency of Nigeria (NAN).

Lagos, which is the nation’s commercial hub, retained its topmost position as the most indebted state in the country, with a total of $1.43 billion in foreign debts, representing 39.17 per cent of the country’s total subnational foreign debt.
Kaduna State, with total foreign debt of $225.28 million comes in the second position, accounting for 6.16 per cent of the subnational foreign debt.

Edo State with $179.52 million as of June 30 accounts for 4.91 per cent of the country’s subnational foreign debt.
Other states with subnational foreign debts include Cross River – $141.47m or 3.87 per cent; Ogun – $103.55m or 2.83 per cent. Bauchi – $97.23m or 2.66 per cent; Osun – $78.93m or 2.16 per cent; Adamawa – $77.14m or 2.11 per cent; Enugu – $74.46m or 2.04 per cent; Katsina – $68.99m or 1.89 per cent; and Oyo – $67.56m or 1.85 per cent.

Some of the least indebted states are Borno – $21.89m; Taraba – $23.01m; Plateau – $29.24m; Yobe – $29.28m; Jigawa – $32.62m; Kogi – $33.56m; Benue – $34.26; FCT – $34.8m; Zamfara – $35.07m; and Delta – $42.21m. The external debt of the subnational governments as of December 31, 2010 stood at $2 billion. However, by December 2015, it had risen to $3.37 billion.

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