Lagos, Kaduna, Edo, Cross River and Bauchi are the top five states with the highest external debt, data obtained from the latest National Bureau of Statistics (NBS) showed.
According to NBS, the five states owe $1.27 billion, $586.78 million, $268.31 million, $215.75 million, and $172.76 million respectively.
Rivers recorded an external debt of $140.18 million, Enugu ($123.02m), Ogun ($122.73m), Ekiti ($115.72m), and Kano ($109.42m).
According to the data, top 10 states which with the highest external debt stock are Lagos, Kaduna, Edo, Cross River, Bauchi, Rivers, Enugu, Ogun, Ekiti, and Kano states.
Here are the 10 states with the highest external stock:
Lagos State
Lagos State, Nigeria’s commercial hub, recorded the highest external debt of $1.27 billion as of June 2022. Lagos incurred an external debt of $1.38 billion in June 2021 and $1.33 billion in December 2021.
Kaduna State
Kaduna ranked second with an external debt of $586.78 million as of June 2022. The state external debt was at $559.5 million in June 2021 while $595.12 million was recorded in December 2021.
Edo State
Edo State’s external debt was $268.31 million in June 2022 and $281.47 million in June 2021. The state’s foreign debt stood at $276.29 in December 2021.
Cross River
Cross River’s external debt was $215.75 million in June 2022, $184.6 million in June 2021, and $279.71 million in December 2021.
Bauchi State
Bauchi’s external debt stood at $172.76 million in June 2022. It was $133.69 million in June 2021, and $134.45 million in December 2021.
Read also: CSOs demand legislative action to curb Nigeria’s rising debt profile
Rivers State
Rivers State recorded a foreign debt of $140.18 million in June 2022, rising from $86.37 million in June 2021. In December 2021, it was $147.78 million.
Enugu State
Enugu State recorded an external debt of $123.02 million in June 2022. The state’s foreign debt stood at $124.23 million in June 2021 from $129.2 million in December 2021.
Ogun State
Ogun’s recorded a foreign debt of $122.73 million in June 2022 and $103.65 million in June 2021. The state’s foreign debt as of December 2021 was $120.29 million.
Ekiti State
Ekiti State had an external debt of $115.72 million in June 2022, rising from $102.3 million in June 2021. It was $120.6 million in December 2021.
Kano State
Kano’s external debt stood at $109.42 million in June 2022 while $67.68 million was recorded in the corresponding period of 2021. The state’s foreign debt stood at $114.23 million in December 2021.
