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Lagos Has Highest Foreign Debt Profile In 2018, NBS Reveals

In all the 36 states, including the FCT, Lagos state has the utmost foreign debt profile, accounting for 5.64%.

This was disclosed by the National Bureau of Statistics (NBS) in Nigerian Domestic and Foreign Debt data for the fourth quarter, 2018 posted on its website.

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

The NBS said Nigeria’s foreign debt stood at 25.27 billion US dollars as at 31st December 2018. the News Agency of Nigeria (NAN) reports.

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

READ ALSO: World Bank: Nigeria’s Economy Is Slipping

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It said that 34.63 million dollars were 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.

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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