Lagos leads as Nigeria's foreign debt hits $22bn - NBS

Lagos leads as Nigeria's foreign debt hits $22bn - NBS

- NBS has revealed that Nigeria's foreign debts have hit $22bn

- It also stated that of the country's 36 states, Lagos incurs the highest debts

- The statistics agency added that Anambra state has the least debts

National Bureau of Statistics (NBS) has revealed that debts incurred by Nigeria has risen to $22.08bn and N15.63tn, respectively at the end of the second quarter of this year.

The Punch reports that despite the enviable economic value of Lagos state, it has the largest share of the foreign and local debts among the 36 states in the country coupled with that of Federal Capital Territory (FCT), Abuja.

The NBS stated:"The Nigerian states and federal debt stock data as of June 30, 2018 reflected that the country’s foreign and domestic debts stood at $22.08bn and N15.63tn, respectively.

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"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 36 states and the FCT, accounting for 34.17 per cent, while Edo (6.57 per cent), Kaduna (5.48 per cent), Cross River (4.56 per cent) and Bauchi (3.18 per cent), followed closely."

It also added:“Similarly, the total domestic debt was N3.48tn, 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 of 0.08% to the total domestic debt stock.”

The statistics agency also revealed that Lagos owed N517.367bn; Delta, N222.680bn; Akwa Ibom, N179.714bn; while Kaduna had N75.606bn; Abia owed N57.467bn; Adamawa, N67.460bn; Anambra, N2.612bn; Bauchi, N78.076bn; and Bayelsa, N123.031bn.

The bureau also stated in the statistics that the federal government’s domestic debt stock totalled N12.151trillion.

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Meanwhile, previously reported that experts at top auditing firm, Price Waterhouse Coopers (PWC), had said in a report that the economy of Nigeria could become double its present size in the next 14 years.

The report said Nigeria’s future showed that the country’s Gross Domestic Product (GDP) might hit $1.45 trillion by 2030. It also added that this would be achieved if the country maintained biennial growth rates of 5 and 7% till 2030 and if corruption was reduced to levels comparable to Malaysia.

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Source: News

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