Business - Economy
Updated: July 12, 2020

Here Are States With Highest Debts As Nigeria's Debt Reach N28.63 trn

By Olalekan Fakoyejo
July 12, 2020
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Within three months, Nigeria's debt level increased by N1.23 trillion between December 2019 and March 2020, the National Bureau of Statistics (NBS) has disclosed. This shows the level of dependence Nigeria has on debt and the country's revenue problem under President Muhammadu Buhari's administration.

According to the NBS, Nigeria's debt profile is now N28.63 trillion, rising from N27.40 trillion in the fourth quarter of last year. The amount is a combination of the debt owed by the federal and state governments. A breakdown of Nigeria's debt portfolio showed that the Federal Government accounts for the largest debt.

More Breakdown Of Nigeria's Debt Profile

It was learnt that the Federal Government has the federal government account for N14.5 trillion in domestic debt, while the state governments and the Federal Capital Territory Abuja held N4.10 trillion - this brings Nigeria's domestic debt to N18.64 trillion; with the domestic debt accounting for 65.11 percent of the total debt of Nigeria.

Meanwhile, Nigeria's external debt account for 34.89 percent of the total debt, as the external deent stands at N9.99 trillion. As at the end of March, the Federal Government's domestic debt was N14.53 trillion, increasing by 1.42 percent from the N14.27 trillion held in December 2019.

States With Highest Debt In Nigeria

The data from the NBS further disclosed the states with the most debt, with Lagos State topping the table. According to the NBS, the commercial capital of Nigeria owe N444.22 billion in domestic debt, meaning Lagos State accounts for 10.8 percent of the total domestic debt stock.

Rivers State was next, accounting for 6.5 percent of the total domestic debt after borrowing N266.93 billion. Akwa Ibom was third on the list, with N240.03 billion, while Delta State is said to owe N230.03 billion domestic debt. The completed the top four States with highest debt profile.

Meanwhile, the states with the lowest debt are Yobe State with N29.29 billion domestic debt, Anambra State with N33.91 billion, Jigawa accounts for N36.02 billion, while Ebonyi State had N42.41 billion domestic debt.