ADVERTISEMENT
ADVERTISEMENT
RADP / Pulse Nigeria  >  BI  >  Finance

These are the 7 most indebted states in Nigeria

Aderemi Ojekunle
President Muhammadu Buhari in a meeting with some state governors in Abuja 2017 (file photo/theeaglesonline)
President Muhammadu Buhari in a meeting with some state governors in Abuja 2017 (file photo/theeaglesonline)
  • Nigeria's total public debt reached $79.437 billion (N24.38 trillion) as of December 2018.
  • Lagos is still the most indebted state to foreign and domestic bodies in 2018.
  • The first four states, Lagos, Edo, Kaduna and Cross River, account for more than half of the total foreign debt owed by the sub-national governments.

Nigeria's total public debt reached $79.437 billion (N24.38 trillion) as of December 2018, according to the latest data from the Debt Management Office (DMO).

Recommended articles

In its public debt report released last week, the debt figures represented year-on-year growth of 12.25% from $70.99 billion in 2017.

Analysis of the data shows that state governments, including the nation's capital, Abuja, owed foreign and local lenders $14.34 billion (N5.15 trillion ), representing 22% of the total public debt in 2018.

Patience Oniha, Director-General of Debt Management Office (DMO).
Patience Oniha, Director-General of Debt Management Office (DMO). ece-auto-gen
ADVERTISEMENT

A further breakdown of the debt figures showed that external debt at state levels amounted to N1.25 trillion while domestic debt accrued to N3.85 trillion.

ALSO READ: Infographic: Nigeria is now owing local and international lenders the sum of $79.43 billion

Here are the most indebted states in Nigeria to foreign bodies in 2018:

1. Lagos

  • Foreign: $1.43 billion
  • Domestic: N530.24 billion 
ADVERTISEMENT

2. Edo

  • Foreign $276.25 million
  • Domestic: N86.8 billion

3. Kaduna

  • Foreign: $227.25 million
  • Domestic: N84.6 billion

4. Cross River

ADVERTISEMENT
  • Foreign: $188.77 million
  • Domestic: N167.9 billion 

5. Bauchi

  • Foreign: $133.93 million
  • Domestic: N92.3 billion

6. Enugu

  • Foreign: $126.18m
  • Domestic: N55 billion
ADVERTISEMENT

7. Anambra

  • Foreign: $107.04 million
  • Domestic: N33.4 billion.
States and FCT debt level - Source: DMO
States and FCT debt level - Source: DMO Pulse Nigeria

Here are the most indebted states in Nigeria to domestic lenders in 2018:

1. Lagos

ADVERTISEMENT
  • Domestic: N530.24 billion 

2. Delta

  • Domestic debt data: N228 billion

3. Rivers

  • Domestic debt data: N225 billion
ADVERTISEMENT

4. Akwa Ibom

  • Domestic debt data: N198.6 billion

5. Cross River

  • Domestic debt data: N167.9 billion

6. FCT

ADVERTISEMENT
  • Domestic debt data: N164.2 billion

7. Osun

  • Domestic debt data: 148.1 billion
Aderemi Ojekunle Aderemi Ojekunle

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

ADVERTISEMENT
ADVERTISEMENT

Trending

2020 07 06T124837Z_1481637256_RC2ONH9FOK27_RTRMADP_3_BOOHOO SUPPLIERS.JPG

Boohoo stock tumbles 30%, wiping $1.25 billion off its market value, after an explosive report into working conditions at one of its factories