How 36 states spent N2.67bn servicing foreign loans

October 18, 2017 8:01 pm

The 36 states of the federation spent N2.67 billion to service external debt in September.

The amount is contained in a report which NAN obtained from the office of the accountant-general of the federation on Wednesday.

Figures from the Debt Management Office (DMO) also showed that as of June 30, 2017, the 36 state governments and the federal capital territory (FCT) had a debt stock of about $3.94 billion (N1.2 trillion).

According to DMO, the states and the FCT are currently servicing loans with multilateral agencies like the World Bank and Agence Française de Développement (AFD).

The breakdown of the figure are as follows:

Analysis of the above data shows that the top10 external debt paying states are: Lagos, Cross River, Kaduna, Oyo, Akwa Ibom, Katsina, Osun, Ogun, Edo and Kano states.

The data also shows that the 10 states that paid the least on external debt servicing for September are: Taraba, Borno, Plateau, Benue, Delta, Kogi, Jigawa, Nassarawa, Gombe and Niger States.