According to the data from the Debt Management Office (DMO), the 36 states, which includes the Federal Capital Territory, account for 11% of the loans, at $4.89 billion, and the federal government’s debt is $38 billion.
Nigeria’s multilateral debt is $17.13 billion, while bilateral debt, including those from China EXIM Bank, Jika, KWF, IsDB, and AFD, is $5.49 billion.
About $15.12 billion of the debts are commercial Eurobonds and diaspora bonds.
Data shows that as of March 2024, Nigeria’s external debt stood at $42.12 billion, with Lagos state leading other states with $1.2 billion, while Kaduna comes next with $640.99 million.
The state with the highest external debt is Edo, with $380.97 million.
However, the total domestic debt owed by the 36 states and FCT has hit N4.27 trillion, with Lagos state topping the chat with N885.99 billion.
Rivers follows with N389.2 billion, while Delta is third with N304.54 billion. The states with the least domestic debt Jigawa owes the least domestic debt at N1.82 billion.
Ondo owes N15.1 billion in domestic debt, while Kebbi recorded N15.46 billion in domestic debt. Jigawa’s figures indicate that its debt was slashed by N254.97 million from N2.1 billion as of March 2024 to N1.82 billion recorded at the end of June.
Ondo continued the trend with a decreased domestic debt stock at N1.3 billion to N15.1 billion from N16.4 billion in March.
The decline in Ondo’s debt level is the same as Kebbi, which reduced its debt stock from N17.06 billion to N15.46 billion, a fall of N1.6 billion.
