Lagos state with highest foreign debt profile in 2018 - NBS
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Lagos state with highest foreign debt profile in 2018 - NBS

- Nigeria's foreign debt, according to the National Bureau of Statistics (NBS), was 25.27 billion US dollars in 2018

- The NBS reports revealed that Lagos state has the highest foreign debt profile among the 36 states and the FCT, accounting for 5.64%

- It further disclosed that Edo was the second state highest debt, accounting for 1.09 per cent, followed by Kaduna (0.90%)

The National Bureau of Statistics (NBS) said Nigeria’s foreign debt stood at 25.27 billion US dollars as at 31st December, 2018.

The NBS said this in Nigerian Domestic and Foreign Debt data for fourth quarter, 2018 posted on its website, the News Agency of Nigeria (NAN) reports.

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The bureau said further disaggregation of Nigeria’s foreign debt showed that $11.01 billion of the debt was multilateral.

It said that 34.63 million dollars was bilateral from Agence Francaise de Development (AFD) and another 2.75 billion dollars bilateral from the Chinese Exim Bank, Japanese International Cooperation Agency, KFW Development Bank and India.

In addition, the report said $11.17 billion was commercial which were basically Eurobonds and Diaspora Bonds.

According to the report, Lagos state has the highest foreign debt profile among the 36 states and the FCT, accounting for 5.64 per cent.

It said Edo was the second state highest debt, accounting for 1.09 per cent, followed by Kaduna (0.90 per cent) and Cross River with 0.75 per cent.

Similarly, the bureau said total domestic debt was N16.63 trillion in the quarter under review. It said Lagos state accounted for 3.19 per cent of the total domestic debt stock while Yobe state had the least debt stock in this category with a contribution of 0.17% to the total domestic debt stock.

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The data for the report was supplied administratively by the debt management office, verified and validated by the NBS.

Meanwhile, Legit.ng reported that following the shocking revelation of the Nigerian Bureau of Statistics on the debt profile of the country, the upper legislative chamber, had expressed sadness over the rising figures of Nigeria debts.

Expressing worries over the dangerous trend, the Senate committee on foreign and local debts described the debt profile as highly unfortunate considering the present economy of the country,

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Source: Legit

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