The 7 Most Indebted States In Nigeria

  • Nigeria’s total public debt reached $79.437 billion (N24.38 trillion) as of December 2018.
  • Lagos is still the most indebted state toforeign 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).

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)

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.

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

1. Lagos

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

2. Edo

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

3. Kaduna

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

4. Cross River

  • 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

7. Anambra

  • Foreign: $107.04 million
  • Domestic: N33.4 billion.

Written by nigeriahow

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