36 states are choking, spends N2.67 bn servicing foreign debts—DMO

The 36 states of the federation spent N2.67 billion to service external debt in September. The amount is contained in a report by the office of the Accountant-General of the Federation. Figures from the Debt Management Office (DMO) also showed that as at June 30, 2017, the 36 state governments and the Federal Capital Territory had a debt stock of about $3.94 billion (N1.2 trillion).

According to DMO, the states and the FCT are currently servicing loans with multilateral agencies like the World Bank and Agence Française de Développement (AFD). The breakdown of the figure showed that the top10 external debt paying states are Lagos, Cross River, Kaduna, Oyo, Akwa Ibom, Katsina, Osun, Ogun, Edo and Kano states.The data also shows that the 10 states that paid the least on external debt servicing for September are: Taraba, Borno, Plateau, Benue, Delta, Kogi, Jigawa, Nassarawa, Gombe and Niger States.

AMOUNT SPENT BY STATES ON EXTERNAL DEBT SERVICE IN SEPT, 2017
ABIA                                    31,326,205.88
ADAMAWA                          35,765,643.6
AKWA IBOM                     111,225,880.57
ANAMBRA                         36,392,250.36
BAUCHI                             55,909,234.76
BAYELSA                          28,391,300.12
BENUE                             20,792,622.92
BORNO                           17,411,845.73
CROSS RIVER             231,962,506.35
DELTA                            22,321,499.2
EBONYI                         31,282,856.03
EDO                               64,088,110.49
EKITI                              45,608,594.7
ENUGU                          45,799,061.67
GOMBE                         30,538,887.79
IMO                              46,358,595.57
JIGAWA                       25,733,823.96
KADUNA                     180,575,169.37
KANO 54                     ,328,126.76
KATSINA                     99,227,240.44
KEBBI                         36,342,977.01
KOGI                           23,941,292.93
KWARA                       34,961,787.12
LAGOS                      802,753,160.64
NASSARAWA             26,961,830.75
NIGER                       30,734,086.28
OGUN                       72,750,986.82
ONDO                      50,606,534.74
OSUN                      95,247,661.72
OYO                        115,182,557.78
PLATEAU                 18,708,659.81
RIVERS                   48,720,437.13
SOKOTO                 33,665,974.99
TARABA                  17,164,063.46
YOBE                     31,564,249.48
ZAMFARA              20,300,625.15