States now owe China, others N1.87trn, as FG’s external debt stock reaches N13.8trn – DMO

Lagos topped the external debt profile of state of the federation with $1.38bn, as the Debt Management Office, Monday, released its June 30, 2021 report.

According to DMO, as of the end of June 2021, Nigeria has an external debt stock of $33.46 billion (N13.8 trillion) owed to countries, international organizations (IMF, World Bank and other institutions).

While Lagos topped debt stock for states, Kaduna ($559.50m) and Edo ($281.47m) followed, as Borno, Yobe, and Federal Capital territory (FCT) occupy the bottom three positions of states with the least external debt stock.

DMO data shows the Federal Government owes $28.91 billion external debt while Nigerian states including the Federal Capital Territory (FCT) owe an external debt of $4.55 billion ($1.87 trillion).

These huge debts were collected via multilateral agreements, bilateral (AFD), Bilateral (china, Japan, India, Germany), promissory notes, Eurobonds, and diaspora bonds.

For Nigerian states external debt, DMO latest report shows Lagos state has the highest contribution of 4.13%, while Jigawa state had the least debt stock in this category with a contribution of 0.74%.

Borno has the least external debt exposure among the Nigerian states.

Below is the full debt profile of each state as released by the DMO:

Abia $99.74m

Adamawa $116.58m

Akwa Ibom $48.72m

Anambra $111.48m

Bauchi $133.69m

Bayelsa $63.12m

Benue $32.96m

Borno $16.70m

Cross River $184.60

Delta $62.20m

Ebonyi $65.35m

Edo $281.47m

Ekiti $102.30

Enugu $124.22m

Gombe $33.21m

Imo $96.97m

Jigawa $30.53m

Kaduna $559.50m

Kano $67.67m

Katsina $55.35m

Kebbi $43.25m

Kogi $29.53m

Kwara $46.54m

Lagos $1.38bn

Nassarawa $58.47m

Niger $70.37m

Ogun $103.65m

Ondo $85.95m

Osun $95.50m

Oyo $87.73m

Plateau $32.76m

Rivers $86.36m

Sokoto $37.15m

Taraba $20.59m

Yobe $25.81m

Zamfara $32.01m

FCT $29.45m