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Lagos, Edo Have Highest Foreign Debt Porfolio

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Lagos State, the City of Excellence, is the state with the highest foreign debt profile in the country. Its foreign debt stands at $1.45bn as at June 30.
Edo follows in the second position with $279m foreign debt.
A document obtained from the Debt Management Office (DMO), on Wednesday in Abuja, titled: ‘States, Federal Capital Territory (FCT) and Federal Governments’ External Debt Stock as at June 30, 2018,’ also detailed other states’ external debts.
The document also stated that the external debt stock of the entire nation stood at $22bn with the Federal Government incurring $17.8bn, while the states and the FCT owed $4.28bn.
This means that the Federal Government accounts for 81 per cent of the country’s external debt, while the states and the FCT account for 19 per cent.
As at Dec. 31, 2017, Lagos State also had the highest foreign debt portfolio at $1.47bn, but the figure reduced to $1.45bn by June 30.
Others are Kaduna, $232.9m; Cross River, $193.7m; Bauchi, $134.9! and Enugu, $127.9m.
According to the DMO, other top debtors are Anambra owing $107.4m; Oyo, $106.34m; Ogun, $105.3m; Osun, $101.5m and Abia with $100.2m.
Following closely are Ekiti with $97.9m; Ondo with $81.4m; Rivers, $79.5m; Ebonyi, $67.9m; Kano, $65m; Katsina, $64.7m and Delta, $63.8m.
The statement also revealed that Imo incurred $61.2 million dollars; Nassarawa, $61.4 million dollars; Adamawa, $57.8 million dollars; Niger, 55.7 million dollars; and Bayelsa with 57.2 million dollars. Others are Akwa Ibom with $48.3 million dollars; Kebbi, $46.7 million dollars; Kwara, $49.8 million dollars and Sokoto with $40.2 million dollars.
States with the lowest debt portfolio include Taraba, with $22.1m; Borno, $22.2m; Yobe, with $28.4m and Plateau with $29.6m.
Others are Kogi, with $32.37m; Jigawa, $32.80m; FCT, $32.83m; Zamfara, $34.2m; Benue, $34.7m and Gombe, $38.5m.
The Director-General of DMO, Ms Patience Oniha, had at a media conference on Aug. 14, said as at June 30, the nation’s public debt stock increased marginally by 3.01 per cent from that of Dec. 2017. “One of the beneficial outcomes is the rebalancing of the debt stock, the ratio of domestic debt to external debt inching towards the target of 60:40 and the target of 75:25 between long term domestic debt and short term domestic debt.
According to the figures for June 30 released by the DMO, the ratio between domestic and external debt stood at 70 to 30 compared to 73 to 27 in Dec. 2017.
Oniha said the ratio of 60 to 40 was important to ensure that the nation was not 100 per cent indebted externally, and that it was also easier to raise money domestically.
Oniha also said the Federal Government had been borrowing from the external debt market to refinance maturing local debts bec

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