DMO Releases How Much Each Nigerian State Owes To China, India, and Other Organizations As It Hits N1.87tn
- The Debt Management Office has released the external debt profile of each state as of the end of June 30
- According to DMO data, Lagos has the highest external debt among the 36 states, followed by Kaduna and Edo
- Borno, Yobe, and Federal capital territory (FCT) occupy the bottom three positions of states with the least external debt stock
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According to Debt Management Office, as of the end of June 2021, Nigeria has an external debt stock of $33.46 billion(N13.8 trillion) owed to countries, international organizations (IMF, world bank etc.).
DMO data shows the federal government owes $28.91 billion external debt while Nigerian states including the Federal Capital Territory owe an external debt of $4.55 billion($1.87 trillion).
These huge debts were collected via multilateral agreements, bilateral (AFD), Bilateral (china, Japan, India, Germany), promissory notes, Eurobonds, and diaspora bonds.
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For Nigerian states external debt, DMO latest report shows Lagos state has the highest contribution of 4.13%, while Jigawa state had the least debt stock in this category with a contribution of 0.74%.
Borno state has the least external debt exposure among the Nigerian states.
Here is the list of states with their current debt profiles:
- Abia $99.74m
- Adamawa $116.58m
- Akwa Ibom $48.72m
- Anambra $111.48m
- Bauchi $133.69m
- Bayelsa $63.12m
- Benue $32.96m
- Borno $16.70m
- Cross River $184.60
- Delta $62.20m
- Ebonyi $65.35m
- Edo $281.47m
- Ekiti $102.30
- Enugu $124.22m
- Gombe $33.21m
- Imo $96.97m
- Jigawa $30.53m
- Kaduna $559.50m
- Kano $67.67m
- Katsina $55.35m
- Kebbi $43.25m
- Kogi $29.53m
- Kwara $46.54m
- Lagos $1.38bn
- Nassarawa $58.47m
- Niger $70.37m
- Ogun $103.65m
- Ondo $85.95m
- Osun $95.50m
- Oyo $87.73m
- Plateau . $32.76m
- Rivers $86.36m
- Sokoto $37.15m
- Taraba $20.59m
- Yobe $25.81m
- Zamfara $32.01m
- FCT $29.45m
From Obasanjo to Buhari: List of loans borrowed under Nigeria's 4 presidents
Legit.ng had earlier reported that President Muhammadu Buhari stirred heated reactions from Nigerians when he tabled a fresh request for the approval of another set of loans before the Senate.
The Nigerian leader sought approval from the National Assembly to borrow $4,054,476,863.00, €710 million, and a grant of $125 million.
Many Nigerians are against the borrowing spree of the current administration as it seeks to provide more infrastructure amid dwindling revenue.
Source: Legit.ng
