A further disaggregation of the foreign debt figures released by National Bureau of Statistics (NBS) on Tuesday showed that $9.67 billion of the debt was multilateral; $218.25 million was bilateral (AFD) and $5.15 billion from Exim Bank of China credited to the Federal Government of Nigeria (FGN).
Federal Government accounted for 74 percent of the total foreign debt while all states and Federal Capital Territory (FCT) accounted for the remaining 26 percent.
“Similarly, total FGN debt accounted for 78.66 percent of Nigeria’s total domestic debt while all states and FCT accounted for the 21.34 percent balance.”
According to NBS, a breakdown of the FGN domestic debt stock by instruments reflected that N7.56 trillion or 68.41 percent of the debt are in Federal Government Bonds; N3.28 trillion or 29.64 percent are in treasury bills and N215.99 million or 1.95 percent are in treasury bonds.
Lagos State has the highest foreign debt profile among the 36 states and FCT accounting for 37 percent while Kaduna (six percent), Edo (five percent), Cross River (four percent) and Ogun (three percent) followed closely.
Similarly, Lagos State has the highest domestic debt profile among the 36 states and FCT accounting for 10.39 percent while Delta (8.04 percent), Akwa Ibom (5.18 percent), FCT (5.09 percent) and Osun (4.90 percent) followed in that order.
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