A document titled ‘States and Federal Governments’ External Debt Stock as at 31st December, 2017’ published by the Federal Government’s Debt Management Office have shown that Katsina State have an accumulative foreign debt of $67,864,607.66.
This figure, according to our sources when converted and computed in to Naira amount to no less that a little over N20.6bn at $1/N304 exchange rate.
The document also showed that Lagaos, Kaduna and Edo states made up the top three indebted states in the country, going by their external borrowings.
With a foreign debt of $1.47bn, Lagos is the only state with external debt of over $1bn, as its proportion of the total $4.12bn owed by the states to external creditors is 35.68 per cent.
Kaduna State, owes a total of $238.28m, while Edo owes $232.2m. This means that Kaduna holds 5.78 per cent of the country’s subnational external debt, while Edo holds 5.63 per cent of the subnational external loan commitments.
Other top debtors among the states include Cross River, with external debt of $167.92m; Enugu, $133.11m; Bauchi, $109.83m; and Ogun, $107.45m.
Some of the least indebted states of the federation are Borno, $22.59m; Taraba, $26.56m; Yobe, $29.56m; Plateau, $30.07m; Kogi, $33.03m; Jigawa, $33.5m; Federal Capital Territory, $33.72m; Zamfara, $34.83m; and Benue, $35.5m.