Nigeria’s foreign and domestic debt grew astronomically under President Muhammadu Buhari, especially in the second quarter of 2017, the National Bureau of Statistics has declared.
The external debt rose from 13807.59 USD Million in the first quarter of 2017 and had averaged 7315.60 USD Million from 2008 until 2017, reaching an all time high of 15050 USD Million in the second quarter of 2017 and a record low of 3627.50 USD Million in the first quarter of 2009.
Meanwhile, Lagos, Kaduna, Edo, Cross River and Ogun were identified as the top leaders in terms of foreign debts owed among states.
Out of the nation’s total foreign debt stock of $15.05 billion listed as at June 30, 2017, the Federal Government holds 74 per cent while the states and Federal Capital Territory account for the remaining 26%.
This implies that the Federal Government owes $11.13700 billion while the states account for $3.91300bn.
Out of the states’ figure, Lagos owes $1.44781bn; Kaduna is next with $234.78m; and Edo follows with $195.65m.
Others are Cross River ($156.52m) and Ogun ($117.39m).
Domestic debt stood at N14.06 trillion as at June 30, 2017.
Of the figure, the Federal Government owes 78.66% while the states and FCT account for the remaining 21.34%, the National Bureau of Statistics reports.
Further disaggregation of Nigeria s foreign debt showed that $9.67bn of the debt was multilateral; $218.25m was bilateral (AFD); and $5.15bn from the Exim Bank of China credited to the Federal Government of Nigeria (FGN).