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Lagos, Kaduna and Edo most indebted states in the country

According to new data from the Debt Management Office DMO, Lagos state with it’s highly respected internally generated revenue base  is the most indebted state in the country. As of June 30th this year, Lagos state owed $1.43bn in foreign debts while Kaduna state comes in as second most indebted state with its foreign debt standing at $225.28m while Edo state is ranked third with its foreign debt at $179.52m.

According to the data, the highest owing states in the subnational foreign debts include Cross River state with $141.47m or 3.87 per cent; and Ogun state0 with $103.55m or 2.83 per cent.

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The Debt Management Office (DMO) data shows Nigeria’s debt profile rose from N12.6 trillion at the end of 2015 to N16.3 trillion as at June 30th.

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