The Economic Confidential has ranked Lagos State as the number one highly indebted states in Nigeria, according to its latest report.
Coming top on the list, Lagos had a total of N1.043 trillion in 2018. According to the ranking, Lagos has N513,514,416,769.20 as external debt and N 530,243,773,934.40 as domestic debt, bringing the total debt to N1,043,758,190,703. 60.
The Economic Confidential researchers on the Annual High Indebted States (AHIS) on External and Domestic Debts said that as of 2018: “the amount owed by Lagos State represents about twenty (20) percent of the total debts owed by the 36 states and the Federal Capital Territory (FCT) which is N5.376 trillion in 2018.”
In its recently published report, the Economic Confidential said that many states cannot survive without federation allocations — As it detailed each states’ revenue generation profile in comparison to their federal allocations.
After Lagos, states like Edo, Kaduna, Cross River and Bauchi followed as front runners in the highly indebted states in the country.
The external debt stock include Edo, Kaduna, Cross River and Bauchi with $276.25m (N99.45bn), $227.25m (N81.81bn), $188.77m (N67.95bn), and $133.93m (N48.21bn) respectively.
“Investigations further reveal that among the first five highly indebted states in the local debt stock saw Lagos emerging tops with N530.243 billion, followed by Delta state with N228.805 billion, Rivers with N225.592 billion, Akwa Ibom state with N198.663 billion and Cross River with N167.955 billion.
“Outside Lagos state that is leading the pack, Rivers state is second with N253.772 billion, Delta comes to the third position with N251.589 billion, followed by Cross River in the fourth position with N235.914 billion and the fifth position was grabbed by Akwa Ibom with N215.099 billion,” according to the ranking.
While the Federal Capital Territory’s external debt for 2018 stands at $31.848 million (N11.465bn) while the domestic debt is N164.245bn and totalling its external and domestic debts to N175.710bn.
Taraba state has a debt of $21.611m (N7.780bn), Borno has a debt of $21.618m(N7.782bn), while Yobe state debt stands at $27.486m(N9.895bn) made the list of least indebted states in the external debt stock.
“Two states of Plateau and Kogi from North Central Nigeria have external debt stock of $28.874m (N10.394bn) and $31.584m (N11.370bn) respectively.
“Of the 36 states of the federation, five (5) states account for the lowest in both domestic and external debts. They are Yobe, Jigawa, Sokoto, Katsina, and Niger.
“Yobe state has a total of N37.667 billion, Jigawa N46.586 billion, Sokoto with N52.723 billion, while Katsina and Niger states have N53.220 billion and N63.915 billion respectively.”