Lagos leads highly indebted states with more than N1Trillion debt

The Economic Confidential, in the most recent positioning, has positioned Lagos State as number one exceedingly obligated states in Nigeria.

Lagos sits on the rundown subsequent to causing an aggregate of N1.043 trillion of every 2018. The positioning shows Lagos has N513,514,416,769.20 as an outside obligation and N 530,243,773,934.40 as a residential obligation, carrying the all-out obligation by Lagos to N1,043,758,190,703. 60.

As per Economic Confidential analysts on the Annual High Indebted States (AHIS) on External and Domestic Debts starting at 2018, “the sum owed by Lagos State speaks to around twenty (20) percent of the absolute obligations owed by the 36 states and the Federal Capital Territory (FCT) which is N5.376 trillion out of 2018.

” The Economic Confidential as of late distributed a report itemizing every state’s income age profile in contrast with their government designations while reasoning that numerous states can’t get by without organization portions.

States listed as highly indebted are Edo, Kaduna, Cross River and Bauchi. “Among the front runners in the highly indebted states for the external debt stock include Edo, Kaduna, Cross River and Bauchi with $276.25m (N99.45bn), $227.25m (N81.81bn), $188.77m (N67.95bn), and $133.93m (N48.21bn) respectively.

“Investigations further reveal that among the first five highly indebted states in the local debt stock saw Lagos emerging tops with N530.243 billion, followed by Delta state with N228.805 billion, Rivers with N225.592 billion, Akwa Ibom state with N198.663 billion and Cross River with N167.955 billion.

“Outside Lagos state that is leading the pack, Rivers state is second with N253.772 billion, Delta comes to the third position with N251.589 billion, followed by Cross River in the fourth position with N235.914 billion and the fifth position was grabbed by Akwa Ibom with N215.099 billion,” the ranking shows.
The ranking also revealed the five states that made the list of least indebted states in the external debt stock. Taraba state has a debt of $21.611m (N7.780bn), Borno has a debt of $21.618m(N7.782bn), while Yobe state debt stands at $27.486m(N9.895bn).