Lagos, Edo, Kaduna, Cross River owe over half of states’ foreign debt

Four states of the federation — Lagos , Edo , Kaduna and Cross River — dominate the list of sub – national governments indebted to foreign bodies , statistics obtained from the Debt Management Office , has shown .

Analysis of the DMO data show that the four states have combined foreign debt of $ 2 . 12bn , out of the $ 4 . 23bn owed by the 36 states of the federation and the Federal Capital Territory Administration as of December 31, 2018 .

This means that the four states hold more than half of the foreign debt owed by the sub – national governments. Precisely , the four states owed 50. 08 per cent of the sub -national foreign debt .

Expectedly, Lagos is on top of the list with a foreign debt portfolio of $ 1 . 43 bn which represents 33 . 81 per cent of the foreign sub – national debt portfolio .

Lagos is followed by Edo State with a foreign debt portfolio of $ 276 . 25m representing 6 . 53 per cent of the sub – national foreign debt portfolio .

Following Edo is Kaduna State with a foreign debt portfolio of $ 227 . 25m representing 5 . 37 per cent of the country’ s sub -national foreign debt as of December 31, 2018.

Cross River State completes the list of the top four on the foreign debt with a portfolio of $ 188 . 77m representing 4 . 46 per cent of the sub – national foreign debt portfolio .

Other top debtors in the foreign debt category include Bauchi $ 133 . 93m ; Enugu $ 126 . 18m ; Anambra 107 . 04m ; Ekiti $ 106 . 21m ; Oyo $ 105 m ; Ogun $ 103 . 26 m ; Osun $ 99. 08m ; Abia 98 . 58m and
Adamawa $ 97. 79m .

As of December 31 , 2018, the country’ s total external debt stood at $ 25. 27bn .

This means that the sub – national governments held 16. 74 per cent of the country ’ s external debt .

This leaves the Federal Government with a total external debt portfolio of $ 21. 04bn representing 83. 26 per cent .

On the domestic scene , Lagos is also the most indebted state of the federation with a total domestic debt portfolio of N 530 . 24bn .

It is followed by Delta and Rivers states with domestic debt portfolios of N 228 . 81bn and N 225 . 59m , respectively .

Other highly indebted sub -national governments ( in terms of domestic debts ) include Cross River N 167 . 96 bn; FCT N 164 . 25bn ; Ekiti N 118 . 01m ; Kano N 117 . 08bn ; Plateau N 100 . 37bn and Imo N 98 . 78bn .

The sub – national governments (the 36 state governments and the FCT administration ) owe N 3 . 85tn in domestic debt .

This represents 23. 15 per cent of the country’ s domestic debt portfolio of N 16. 63 tn, leaving the Federal Government with N 12. 77tn representing 76. 84 per cent of the domestic debt portfolio

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