NBS Says Lagos State has Highest Domestic, Foreign Debt Profile in 2016

Akinwunmi Ambode, Governor of Lagos State

Culled—Proshare

May 2, 2017/NBS

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Nigerian States and Federal Debt Stock data as at 31st December 2016 reflected that the country’s foreign and domestic debts stood at $11.41bn and N14.02trn respectively in 2016.

Further disaggregation of Nigerian foreign debt showed that $7.99bn of the debt was multilateral; $198.25m was bilateral (AFD) and $3.22bn from the Exim Bank of China credited to the Federal Government of Nigeria (FGN).

Total FGN debt accounted for 68.72% of Nigeria’s total foreign debt while all States and the Federal Capital Territory (FCT) accounted for the remaining 31.28%. Similarly, total FGN debt accounted for 78.89% of Nigeria’s total domestic debt while all States and the Federal Capital Territory (FCT) accounted for the 21.11% balance.

A breakdown of the FGN domestic debt stock by instruments reflected that N7.56trn or 68.41% of the debt are in Federal Government Bonds; N3.28trn or 29.64% are in treasury bills and N215.99mln or 1.95% are in treasury bonds.

Lagos State has the highest foreign debt profile among the thirty-six states and the FCT accounting for 38.70% while Kaduna (6.25%), Edo (5.15%), Cross River (3.22%) and Ogun (2.90%) followed closely. Similarly, Lagos State has the highest domestic debt profile among the thirty-six and the FCT accounting for 10.54% while Delta (8.15%), Akwa Ibom (5.25%), FCT (5.16%) and Osun (4.97%) followed in that order.

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