Of the 36 states of the federation, five states account for the lowest in both domestic and external debt according to an investigation just concluded by a team of Economic Confidential researchers on the Annual High Indebted States (AHIS) on External and Domestic Debt.
According to the research, the states are Yobe, Jigawa, Sokoto, Katsina, and Niger.
Yobe state has a total of N37.667 billion, Jigawa N46.586 billion, Sokoto with N52.723 billion, while Katsina and Niger states have N53.220 billion and N63.915 billion respectively.
Though the Federal Capital Territory is not rated among the 36 states of the federation, its external debt profile for 2018 is $31.848 million (N11.465bn) while the domestic debt is N164.245bn bringing a total of its external and domestic debts to N175.710bn.
Lagos State, South West Nigeria, is number one among the highly indebted states in Nigeria in both external and domestic debts with N1.043 trillion in 2018.
While the external debt stock of Lagos amounts to N513.514 billion, the local debt stock settled at N530.243 billion.
Recall that 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.