Top 10 Nigerian States With Highest External Debts to China, Others In 2023
The National Bureau of Statistics (NBS) has revealed that Lagos State recorded the highest external debt of $1.2 billion as of June 30, 2023.
The NBS data was extracted from the Debt Management Office (DMO) and tracked by Legit.ng, revealing that Lagos’s debt is mostly via bonds rather than bilateral.
Kaduna follows Lagos state closely at $569.4 million in total external debt. Unlike Lagos, Kaduna State’s debts are primarily bilateral from India and China Exim Bank, among others. The state does not have any debts in Eurobonds or diaspora bonds.
Other states include: Edo: $258.4m 4 Bauchi: $170.4m 5 Cross river: $153.2m Enugu: $120.7m 7 Ogun: $111.6m 8 Anambra: $105.6m 9 Ekiti: $103.5m 10 Kano: $101.3m
Nigeria’s Total Public Debt Hits N87.33 Trillion
The NBS data puts Nigeria’s total public debt stock at N87.33 trillion or $113.42 billion as of the second quarter of 2023 from N49.85 trillion or $108.30 billion in the first quarter of 2023, showing a growth rate of 75.27% quarterly.
The country’s external debt stood at N33.25 trillion or $43.16 billion in Q2 of 2023, while domestic debt stood at N54.13 trillion in the same period. External debt to total public was put at 38.05% in the second quarter of 2023, while domestic debt to total public debt was 61.95%.
States with the highest external debts Lagos state still leads the pack with the highest domestic debt at N996.44 billion, followed by Delta State with N465.40 billion.
Others are Jigawa state with N43.13 billion domestically, followed by Kebbi with N60.94 billion.
States With The Least External Debt
Borno state had the least external debt, with US$18.75 million, followed by Taraba with US$21.92 million.
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