Recent statistics on Nigeria’s debt profile shows that in the first half of 2018, Nigeria incurred debt valued at $23bn. This puts the nation’s total debt at $73billion.
Of this amount, the total domestic debt accounts for N3.84trn while total foreign debt accrued was $22billion. However, the public debt figure revealed that there was a consistent decrease in the government’s domestic borrowing from N12.589 trillion in December 2017 to N12.577 trillion in March 2017 and N12.151 Trillion in June 2018.
Among the 36 states, Lagos and Abuja had the highest foreign debt profile. They jointly accounted for 34.17% while Edo (6.57%), Kaduna (5.48%), Cross River (4.56%) and Bauchi (3.18%) followed closely.
In addition, the total domestic debt for Lagos was slated at N3.48 trillion, which accounts for 14.88 % of the total domestic debt stock. On the other hand, Anambra State had the least debt with a contribution of 0.08% to the total domestic debt stock.