Four states of the federation — Lagos, Edo, Kaduna and Cross River — dominate the list of sub-national governments indebted to foreign bodies, statistics obtained from the Debt Management Office, has shown.
Analysis of the DMO data show that the four states have combined foreign debt of $2.12bn, out of the $4.23bn owed by the 36 states of the federation and the Federal Capital Territory Administration as of December 31, 2018.
This means that the four states hold more than half of the foreign debt owed by the sub-national governments. Precisely, the four states owed 50.08 per cent of the sub-national foreign debt.
Expectedly, Lagos is on top of the list with a foreign debt portfolio of $1.43bn which represents 33.81 per cent of the foreign sub-national debt portfolio. Read more