The Debt Management Office, DMO has released debt profiles of all the 36 states and the Federal Capital Territory, Abuja, with Borno state emerging the state with lowest amount of debt in Nigeria.
According to the office report released at the end of June, 2021, Borno state is followed by Taraba, Yobe and the FCT in owing the least amount of foreign debts.
It explained that Borno owes 16.70 million dollars; Taraba 20. 59 million dollars; Yobe 25.81 million dollars and the FCT- 29.45 million dollars, while Lagos, Kaduna and Edo with the highest external debt profiles.
The report showed that Lagos owes 1.38 billion dollars; Kaduna 559.50 million dollars and Edo 281.47 million dollars; Cross River 184.60 million dollars; Bauchi 133.69 million dollars; Enugu 124.22 million dollars and Adamawa116.49 million dollars.
It also indicated that Nigeria has an external debt stock of 33.46 billion dollars approximately 13.8 trillion naira, where Federal Government owes 28.91 billion dollars, as the 36 states and the FCT owe a combine amount of 4.55 billion dollars.
