Fri. Oct 18th, 2019

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Lagos State Debt Exceed One Trillion Naira

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The Lagos States has been ranked as the state with the highest debt according to economic confidential.

Lagos State owes a total of N1.043 trillion in 2018. N513, 514,417,769.20 as external debt and N530, 243,775,934.40 as domestic debt which sums up to N1, 043,758,190,703.60.

According to economic confidential researchers on the annual high indebted States (AHIS) on external and domestic debt as of 2018, “the amount owed by Lagos State represents about twenty (20) percent of the total debts owed by the 36 states and the Federal Capital Territory (FCT) which is N5.376 trillion in 2018.”

In the recent report published, each of the state’s revenue generated profile in comparison to their Federal education were tabled.

It was gathered that many states could not survive without the Federal Government allocation.

The rank reviews that, “Among the front runners in the highly indebted states for the external debt stock include Edo, Kaduna, Cross River and Bauchi with $276.25m (N99.45bn),  $227.25m (N81.81bn), $188.77m (N67.95bn), and $133.93m (N48.21bn) respectively.

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    “Investigations further reveal that among the first five highly indebted states in the local debt stock saw Lagos emerging tops with N530.243 billion, followed by Delta state with N228.805 billion, Rivers with N225.592 billion, Akwa Ibom state with N198.663 billion and Cross River with N167.955 billion.

    “Outside Lagos state that is leading the pack, Rivers state is second with N253.772 billion, Delta comes to the third position with N251.589 billion, followed by Cross River in the fourth position with N235.914 billion and Akwa Ibom grabbed the fifth position with N215.099 billion.”

    The ranking also discloses the five state that made the list of least indebted states in the external debt stock.

    A debt of $21.6m (N7. 780bn) is owed by Taraba state, Borno state has $21.618m (N7. 782bn) debt, and Yobe state debt is $27.486m (N9.895bn)

    “Two states of Plateau and Kogi from North Central Nigeria have external debt stock of $28.874m (N10.394bn) and $31.584m (N11.370bn) respectively.

    “Of the 36 states of the federation, five (5) states account for the lowest in both domestic and external debts. They are Yobe, Jigawa, Sokoto, Katsina and Niger.

    “Yobe state has a total of N37.667 billion, Jigawa N46.586 billion, Sokoto with N52.723 billion, while Katsina and Niger states have N53.220 billion and N63.915 billion, respectively.”

    Federal Capital Territory external debt profile for 2018 hits $31.848m (N11. 465bn) while the domestic debts N164.245bn which sums up to its foreign and domestic debts to N175. 710bn.

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