A document titled ‘States and Federal Governments’ External Debt Stock as at 31st December 2017’ published by the Federal Government’s Debt Management Office has shown that Katsina State has an accumulative foreign debt of $67,864,607.66.
This figure, according to our sources when converted and computed into Naira amount to no less than a little over N20.6bn at $1/N304 exchange rate.
The document also showed that Lagos, 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 an external debt of over $1bn, as its proportion of the total $4.12bn owed by the states to external creditors is 35.68 percent.
Kaduna State, owes a total of $238.28m, while Edo owes $232.2m. This means that Kaduna holds 5.78 percent of the country’s subnational external debt, while Edo holds 5.63 percent of the subnational external loan commitments.
Other top debtors among the states include Cross River, with an 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.