{"id":17753,"date":"2017-09-29T15:02:42","date_gmt":"2017-09-29T14:02:42","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=17753"},"modified":"2017-09-29T15:02:42","modified_gmt":"2017-09-29T14:02:42","slug":"lagos-kaduna-edo-owe-foreign-creditors-1-89bn","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/lagos-kaduna-edo-owe-foreign-creditors-1-89bn\/","title":{"rendered":"Lagos, Kaduna, Edo owe foreign creditors $1.89bn"},"content":{"rendered":"

With a combined foreign debt profile of $1.89bn, Lagos, Kaduna and Edo have retained their spots as the states most exposed to foreign debts.<\/p>\n

As of June 2016, the three states had a combined foreign debt profile of $1.84bn.<\/p>\n

Statistics obtained from the Debt Management Office in Abuja on Thursday showed that the 36 states of the federation and the Federal Capital Territory Administration had a combined foreign debt profile of $3.94bn as of June 30.<\/p>\n

This means that with a combined debt profile of $1.89bn, Lagos, Kaduna and Edo owe 48.04 per cent of the country\u2019s subnational foreign debt.<\/p>\n

Expectedly, Lagos, with the reputation of being the biggest economy in the country, retained its topmost position as the state most exposed to foreign debts, with a portfolio of $1.45bn. This means that Lagos State alone holds 37.28 per cent of the country\u2019s total subnational foreign debt.<\/p>\n

Although its overall foreign debt portfolio inched up from $1.43bn a year before, the proportion of Lagos State\u2019s foreign debt to the subnational total came down a bit from 39.17 per cent as of June 2016.<\/p>\n

With a foreign debt profile of $232.09m, Kaduna is the second most indebted state of the federation in terms of foreign debt. This means that the state holds 5.89 per cent of the country\u2019s subnational foreign debt.<\/p>\n

A year ago, Kaduna State, with a foreign debt of $225.28m, held 6.16 per cent of the subnational foreign debt.<\/p>\n

Edo State, with a foreign debt profile of $213.95m, holds 5.43 per cent of the country\u2019s subnational foreign debt. As of June 2016, the state with a total portfolio of $179.52m, held 4.91 per cent of the country\u2019s subnational foreign debt. This shows that the state\u2019s foreign debt profile rose by $16.43m or 9.15 per cent in the 12-month period.<\/p>

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Cross River State remains one of the most indebted states with a foreign debt profile of $168.5m. A year before, the state\u2019s foreign debt profile stood at $141.47m. This means that within a period of one year, its foreign debt profile had increased by $27.03m or 19.11 per cent.<\/p>\n

Enugu State jumped from a foreign debt profile of $74.46m a year ago to become one of the most indebted states currently, with a foreign debt profile of $116.39m. This means that within a period of one year, its foreign debt portfolio had increased by 56.31 per cent.<\/p>\n

Bauchi State, with a debt profile of $106.8m, is among the most indebted states to foreign creditors. As of June 2016, its foreign debt profile stood at $97.23m. This means that the portfolio rose by $9.57m or 9.84 per cent within the one-year period.<\/p>\n

In terms of foreign debts, Ogun State owes $106.25m, which is marginally up from the $103.55m recorded in June 2016.<\/p>\n

Abia State is one other state that has hit the $100m mark with a foreign debt portfolio of $100.95m. As of June 2016, the state\u2019s external debt stood at $42.4m. This means that within the one-year period, the state grew its exposure to foreign debts by $58.55m or 138.09 per cent.<\/p>\n

With a portfolio of $22.394m, Taraba is the least indebted state of the federation. Other states that have low exposure to foreign loans include Borno, $22.398m; Yobe, $29.23m; Plateau, $29.73m; Kogi, $32.72m; Jigawa, $33.19m; the FCT, $33.55m; and Zamfara, $34.45m.<\/p>\n

With the exception of Lagos, Ogun has the highest external loan portfolio in the South-West geopolitical zone with $106.25m. In the South-East geopolitical zone, Enugu has the highest portfolio of $116.39m.<\/p>\n

In the South-South geopolitical zone, Edo State with an exposure of $213.95m has the highest portfolio. In the North-Central geopolitical zone, Kwara has the highest exposure of $50.2m. None of the states in the zone ranks among the highest exposed states in the country. PUNCH<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

With a combined foreign debt profile of $1.89bn, Lagos, Kaduna and Edo have retained their spots as the states most exposed to foreign debts. As of June 2016, the three states had a combined foreign debt profile of $1.84bn. Statistics obtained from the Debt Management Office in Abuja on Thursday showed that the 36 states …<\/p>\n","protected":false},"author":6,"featured_media":17175,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[2848,47],"coauthors":[2391],"class_list":["post-17753","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-kaduna-and-edo","tag-lagos"],"yoast_head":"\nLagos, Kaduna, Edo owe foreign creditors $1.89bn - National Wire<\/title>\n<meta name=\"description\" content=\"With a combined foreign debt profile of $1.89bn, Lagos, Kaduna and Edo have retained their spots as the states most exposed to foreign debts.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/lagos-kaduna-edo-owe-foreign-creditors-1-89bn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lagos, Kaduna, Edo owe foreign creditors $1.89bn - 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