Kaduna, Lagos, Edo Listed as Top States With High Debts in Nigeria

Lagos, Kaduna and Edo state are the states with high debts in Nigeria

Kaduna, Lagos, Edo Listed as Top States With High Debts in Nigeria.

Kaduna, Lagos and Edo States have been named the states of the federation who are owning money the most, with a total debt of $1.84bn.

These three states are currently being control by the APC, All Progressive Congress.

On Wednesday, according to the statistics that was gotten from the Debt Management Office in Abuja, all the states including the FCT are owing in foreign debts the sum of $3.65bn as against the sum of $7.61bn that is been owed by the Federal government as of 30th June, 2016; which shows that the country is owing the total sum of $11.26bn as foreign debt.

It was stated that Lagos which is the country’s commercial headquarter, sits comfortable on the number one spot as the most indebted state with the sum of $1.43bn in foreign debts. Therefore the state is responsible for 39.17% of the sub-national foreign debt of the country.

Second on the list is Kaduna State, with $225.28m as total foreign debt. The state is responsible for 6.16% of the sub-national foreign debts.

Edo state is the third, with a total foreign debt of $179.52m as of 30th of June. The state is responsible for 4.91% of the sub-national foreign debt of the country.

Other states that are part of the sub-national foreign debts includes the following: Cross River 3.78% ($141.47m) and Ogun State with 2.83% ($103.55m).

Other states are: Bauchi 2.66% ($97.23m), Osun 2.16% ($78.93m), Adamawa 2.11% ($77.14m), Enugu 2.04% (74.46m), Katsina 1.89% (68.99m), Oyo 1.85% (67.56m).

On the list, the least indebted states of the nation are: Delta $42.2m, Zamfara $35.07m, FCT $34.8m, Benue $34.26, Kogi $33.56m, Jigawa 32.62m, Yobe $29.28m, Plateau $29.24m, Taraba $23.01m, and Brono State $21.89m.

Our sources made it clear that all the 36 states of the federation including the FCT increased their foreign debts by a total of $1.37trn in five years.

It was earlier revealed by DMO that the current national debt profile is statnding at N16.29trn.


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