- Lagos leads borrower states with N444bn obligation
Nigeria’s total public debt portfolio, all the states and the federal government inclusive, stood at N28.63 trillion as at March 31 this year.
According to the Nigerian Domestic and Foreign Debt Q1 2020 report released yesterday by the National Bureau of Statistics (NBS), the total public debt rose by 4.48 per cent compared to the N27.40 trillion recorded in Q4 2019.
External debt accounted for N9.99 trillion or 34.89 per cent of the total debt. The domestic component stood at N18.64 trillion or 65.11 per cent of total borrowing.
Of the domestic debt of N18.64 trillion, federal government’s share alone is N14.53 trillion compared to Q4 2019 when total domestic debt was N18.37 trillion with the federal government accounting for N14.27 trillion.
Federal government’s domestic debt service for Q1 also increased to N609.13 billion compared to N254.04 billion in Q4 of 2019.
Total domestic debts by states and the Federal Capital Territory (FCT) were valued at N4.11 trillion with Lagos State accounting for N444.23 billion or 10.8 per cent.
Yobe was adjusted to have the least debt domestic stock, accounting for N29.29 billion or 0.7 per cent of total debt.
In dollar terms however, foreign debt was estimated at $27.66 billion.
Debts from multilateral institutions totaled $12.65 billion or 45.75 per cent of total foreign debt while bilateral debt amounted to $3.84 billion or 13.89 per cent of total external borrowing as well as commercial debts which stood at $11.16 billion or 40.37 per cent of total foreign debts.
In addition, the federal government’s domestic debt stock by instrument stood at N14.53 trillion with FGN bonds accounting for N10.55 trillion or 72.65 per cent
of domestic borrowing.
Abia State accounted for N69.63 billion of the domestic debt stock of states, Adawawa N101.58 billion, Akwa Ibom N240.03 billion, Anambra N33.91 billion, Bauchi N100.40 billion, Bayelsa N154.95 billion, Benue N116.19 billion, Borno N83.38 billion and Cross River N165.91 billion within the review period.
Others include Delta N230.75 billion, Ebonyi N42.41 billion, Edo N84.76 billion, Ekiti N77.89 billion, Enugu N62.98 billion, Gombe N82.50 billion, Imo N163.99 billion, Jigawa N36.02 billion, Kaduna N78.69 billion, Kano N107.75 billion, Katsina N66.16 billion, Kebbi N69.26 billion and Kogi N128.91 billion.
Others are Kwara N62.89 billion, Nasarawa N60.99 billion, Niger N59.83 billion, Ogun N143.53, Ondo N65.29 billion, Osun N137.30 billion, Oyo N100.59 billion, Plateau N130.72 billion, Rivers N266.93 billion, Sokoto N47.74 billion, Taraba N81.26 billion, and Zamfara N70.84 billion as well as the FCT with N106.80 billion.