Nigeria's Debt

• States’ debt hits N3.97 trillion
Nigeria’s total debt stock rose to N24.9 trillion (US$81.2 billion) as of the end of March 2019. This is revealed in the latest report released on Wednesday by the Debt Management Office (DMO).
According to the latest report released by DMO, Nigeria’s total debt portfolio hits N24.9 trillion as of March 31, 2019, compared to N24.3 trillion in December 2018. That is, quarter on quarter, Nigeria’s total debt stock rose by 2.3% or N560 billion.
Breakdown of debt stock: Nigeria’s debt stock category for the first quarter of 2019 shows that the country’s total external debt is estimated at N7.8 trillion (US$25.6 billion), constituting 31.5% of total debt for Federal government, Stated and the FCT.
• The total domestic debt rose to N17 trillion (US$55.6 billion) or 68% of total debt stock within the quarter.
• The Federal government’s domestic debt was put at N13.1 trillion or US$42.7 billion
• All the 36 states accrued domestic debt of N3.97 trillion or US$12.9 billion as of the end of March.
States’ debt stock hits N3.97 trillion: A Further look into the breakdown of debts accruable to states in Nigeria revealed that states’ debt profile increased by 3% within the last quarter.
Specifically, as of December 2018, total debt accruable to states was estimated at N3.85 trillion, while the figure rose to N3.97 trillion in March 2019.
A breakdown of the debts by State shows that Lagos State posted the highest debt stock as of March 2018 with a whopping N542.2 billion. Other states that make up the top 10 highest indebted states include:
• Rivers – N225.5 billion
• Delta – 223.4 billion
• Akwa Ibom – N199.7 billion
• Cross River – N167.2 billion
• FCT – N163.5 billion
• Osun – N147.7 billion
• Bayelsa – N133.3 billion
• Kano – N121.7 billion
• Ekiti – N118 billion

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