According to statistics from the Debt Management Office in Abuja on Wednesday, the 36 states of the federation and the Federal Capital Territory owe $3.65bn in foreign debts as against the $7.61bn owed by the Federal Government as of June 30, 2016; bringing the country’s total foreign debt to $11.26bn.
Lagos, which is the nation’s commercial hub, retained its topmost position as the most indebted state of the federation with a total of $1.43bn in foreign debts. Thus, the state holds 39.17 per cent of the country’s total subnational foreign debts.
Kaduna State, with total foreign debt of $225.28m, comes in the second position. It holds 6.16 per cent of the subnational foreign debts.
Edo State, with a total of $179.52m as of June 30, holds 4.91 per cent of the country’s subnational foreign debts.
Other owing states in the subnational foreign debts include Cross River, $141.47m or 3.87 per cent; and Ogun, $103.55m or 2.83 per cent.
Bauchi owes $97.23m or 2.66 per cent; Osun, $78.93m or 2.16 per cent; Adamawa, $77.14m or 2.11 per cent; Enugu, $74.46m or 2.04 per cent; Katsina, $68.99m or 1.89 per cent; and Oyo, $67.56m or 1.85 per cent.
Some of the least indebted states of the federation are Borno, $21.89m; Taraba, $23.01m; Plateau, $29.24m; Yobe, $29.28m; Jigawa, $32.62m; Kogi, $33.56m; Benue, $34.26; FCT, $34.8m; Zamfara, $35.07m; and Delta, $42.21m.
Punch reports that the 36 states of the federation and the FCT grew their external debts by $1.37tn in five years.
The external indebtedness of the subnational governments as of December 31, 2010 stood at $2bn. However, by December 2015, it had risen to $3.37tn.
Earlier, DMO revealed that the nation’s current debt profile stands at N16.29tn. Click to signup for FREE news updates, latest information and hottest gists everyday
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I suspect this is the same reason these 3 states are among the fastest growing in the country despite that 2 of them are not oil producing. There's nothing wrong in debt if it's used for development.
ReplyDeleteFastest growing in what sense? Mumu! Was the debt sustainable since it was not invested in ventures that yeild return? Is the principal not going to be liquidated through monthly allocation from the FG. Mumu keep quiet in an area you are ignorant ofso that you do not mock yourselves. How percentage of the loan will go into private pocket through over invoicing and contract inflation. Idiot! Keep quiet wailing wailer!
DeleteWhat this means is that all those state have been thrown into perpetual economic slavery and hardship now that the allocation from FG has thinned down and that is why some of the state cannot pay workers now. It will get to a point of massive lay off of workers. Hunger malnutrition crime and suicide among the people. This is only the beginning.
So keep shut wailing wailer.
Apc! Werepe change! Apc! Kworshiokor change!Change dole! Sai Baba!
You lied. Comparatively can you indicate the measures by which you consider those 3 heavily indebted states fastest growing and developing?
ReplyDeleteNo wonder one of them was so bitter when Dr Okonjo Iweala wanted to save and he was even personally abusing her before the court gave order and the money was shared - Gorilla ohole.
ReplyDeleteNo wonder some of them married in dollars in foreign land and is still maintain the wife and in laws in dollars too.. Hehehehehe!
Apc! Change dole!
Sai Baba!
Oshio, this can't be true. So you are making noise or did you also used Edo money to support Buhari election. Na waoooo!!!
ReplyDelete