Statistics released by the Debt Management Office in Abuja on Wednesday has revealed that the 36 states of the federation and the Federal Capital Territory owe $3.65bn in foreign debts as against the $7.61bn owed by the Federal Government as of June 30, 2016; bringing the country’s total foreign debt to $11.26bn.
The office has also released the three most indebted states in the country. According to the report, Lagos, Kaduna and Edo State are the most indebted states with a combined debt profile of $1.84bn.
Lagos, which is the nation’s commercial hub, retained its topmost position as the most indebted state of the federation with a total of $1.43bn in foreign debts. Thus, the state holds 39.17 per cent of the country’s total subnational foreign debts.
Kaduna State, with total foreign debt of $225.28m, comes in the second position. It holds 6.16 per cent of the subnational foreign debts.
Edo State, with a total of $179.52m as of June 30, holds 4.91 per cent of the country’s subnational foreign debts.
Other owing states in the subnational foreign debts include Cross River, $141.47m or 3.87 per cent; and Ogun, $103.55m or 2.83 per cent.