Nigeria’s external debt rises to $27.2bn in H1 of 2019; Lagos has the highest

According to a report released by Nigeria’s Debt Management Office (DMO) on Federal Government, States, and FCT external debt stock, Nigeria’s external debt now stands at $27.2 billion (N8.3 trillion) as at June 30, 2019.

This is more than $2 billion higher than the first quarter’s $25.6 billion.

Federal Government external debt alone stood at $22.9 billion, comprising of multilateral loans, bilateral loans (from French Development Agency), bilateral loans (from China Exim Bank, Japan International Cooperation Agency, India, and German KfW Group), and Bonds (Eurobonds and diaspora bond).

States and FCT external debt for the period stood at $4.3 billion, comprising of multilateral and bilateral (from French Development Agency) loans.

Lagos state had the highest external debt of $1.4 billion in the period under review. Lagos external debt comprises of multilateral ($1.28 billion) and bilateral (from French Development Agency, $143.8 million) loans.

Read also: September inflation rises to 11.24% after 3 consecutive declines

Borno state had the lowest external debt of $21.3 million from multilateral loans.

States with the highest external debt

1.       Lagos – $1.4 billion

2.       Edo – $227. 7 million

3.       Kaduna – 223.8 million

4.       Cross River – 192.7 million

5.       Oyo – $136.5 million

States with the lowest external debt

1.       Borno – $21.32 million

2.       Taraba – $21.31 million

3.       Yobe – $27.2 million

4.       Plateau – $28.5 million

5.       Kogi – $31.1 million

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