Recent statistics on Nigeria’s debt profile shows that at the end of 2018, Nigeria incurred a total foreign debt of $25bn thereby increasing the nation’s total debt to $79billion. This is a 8.51% increase from Q2 2018 figures when Nigeria’s total debt stood at $73billion (N24.4trillion).
Of the total amount, the total domestic debt accounts for N16.63trn while total foreign debt accrued was $25billion.
Among the 36 states, Lagos had the highest foreign debt profile. The state accounted for 33.72% of the total external debt owed by states in Nigeria, while Edo (6.53%), Kaduna (5.37%), Cross River (4.46%) and Bauchi (3.16%) followed closely.
In addition, the total domestic debt for Lagos was slated at N530 billion, which accounts for 13.76% of the total domestic debt stock. On the other hand, Yobe State had the least debt with a contribution of 0.72% to the total domestic debt stock.