Lagos’ total debt profile hits N1.04 trillion

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Lagos’ total debt profile has risen to N1.04 trillion, report from the National Bureau of Statistics, NBS, has revealed.

According to the report on Nigerian Domestic and Foreign Debt in the second quarters, Lagos’ domestic debt profile stood at N519.37 billion while its total foreign debt stood at $1,451,639,937.86 (N522.59 billion).

Of the $1,451,639,937.86 foreign debt, multilateral debt accounted for $1,307,809,937.86 and bilateral debt, $143,830,000.00.

The state’s external debt accounted for 34.17% of the nation’s external debt profile, which stood at $22.08bn, while its domestic debt profile accounted for 14.88% of the nation’s domestic debt profile, standing at N3.48trn.

However, the NBS report revealed that the Nigerian States and Federal Debt Stock data as at 30th June 2018 reflected that the country’s foreign and domestic debts, which stood at $22.08bn and N3.48trn respectively.

Further dis-aggregation of Nigeria’s foreign debt showed that $10.88bn of the debt was multilateral, $274.98m was bilateral (AFD) and another $2.12bn bilateral from the Exim Bank of China, JICA, India and KFW while $8.80bn was commercial.

“Lagos State has the highest foreign debt profile among the thirty-six states and the FCT accounting for 34.17% while Edo (6.57%), Kaduna (5.48%), Cross River (4.56%) and Bauchi (3.18%) followed closely.Similarly, total domestic debt was N3.48 trillion with Lagos state accounting for 14.88 % of the total domestic debt stock while Anambra State has the least debt in this category with a contribution 0.08% to the total domestic debt stock,” the report said.

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