Debt! Debt! Debt! Nigeria’s foreign debt hits $25.27bn 🤤
National Bureau of Statistics (NBS) yesterday, said that States and Federal debt stock data as at December 31, 2018 reflected that the country’s foreign and domestic debts stood at $25.27 billion and N16.63 trillion respectively. A statement obtained from the bureau’s website further said that disaggregation of Nigeria’s foreign debt showed that $11.01 billion of the debt was multilateral; $344.63 million was bilateral (AFD) and another $2.75 billion bilateral from the Exim Bank of China, JICA, India and KFW while $11.17 billion was commercial which are basically Eurobonds and Diaspora Bonds. Lagos State has the highest foreign debt profile among the thirty-six states and the Federal Capital Territory (FCT) accounting for 5.64 per cent Edo (1.09 per cent), Kaduna (.0.90 per cent) and Cross River (0.75 per cent) followed closely. Similarly, total domestic debt was N16.63 trillion with Lagos state accounting for 3.19 per cent of the total domestic debt stock ...