USA Africa Dialogue Series - STAR INFORMATION: Synopsis of Nigeria's State and Country Debt Profiles (as at June 30, 2014)

My People:

The debt profile and trend  (largely for foreign debt) shown below are worrisome.

Lagos alone incurs 34% of the states' foreign debt and 11% ot total national foreign debt, and is the highest both in quantum amount and per capita amount.

The North-West geo-political zone is the highest in quantum foreign debt, but in per capita, the South-West is by far the highest, followed by FCT.  The South-East, North-Central and North-East appear a little foreign-debt-risk averse.  In their zones, Lagos, Enugu, Cross-River, Kaduna, Nassarawa and Bauchi top the foreign debtors' charts.

As a single entity, the Federal Government more than doubles the foreign debt of all the states put together.

 

And there you have it.

Bolaji Aluko

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					SYNOPSIS OF NIGERIA'S DEBT PROFILE (AS AT JUNE 30, 2014)
				(compiled and analyzed by NigerianMuse.com, September 2014)
Primary source of data: Debt Management Office website
http://www.dmo.gov.ng/						Exchange Rate 1$ =	155.73	Naira
S/N	State Rank	State Rank	State	State		Total Number of Candidates								States
	by	by		Census		Foreign	Domestic	TotalDebt	TotalDebt	TotalForDebt/Capita	%TotForDebt	%TotForDebt
	TotalDebt%	PerCapita		-2006		Debt	Debt			(based on 2006 census)	of States	of Country
		Debt				a	b	c = a + b	d	e	f = c / sum [c]	g= c / sum [c+]
						US$	US$	US$	Naira	Naira
			SOUTH-WEST				[Detail By State N.A.]
1	1	1	Lagos	9,113,605		1,020,410,674.11	-	1,020,410,674.11	158,908,554,279.15	17,436.41	33.86	10.88		Lagos
2	6	17	Oyo	5,580,894		80,112,084.14	-	80,112,084.14	12,475,854,863.12	2,235.46	2.66	0.85		Oyo
3	4	4	Ogun	3,751,140		116,689,249.43	-	116,689,249.43	18,172,016,813.73	4,844.40	3.87	1.24		Ogun
4	12	16	Ondo	3,460,877		51,439,910.66	-	51,439,910.66	8,010,737,287.08	2,314.66	1.71	0.55		Ondo
5	7	8	Osun	3,416,959		73,404,212.38	-	73,404,212.38	11,431,237,993.94	3,345.44	2.44	0.78		Osun
6	15	10	Ekiti	2,398,957		48,075,639.85	-	48,075,639.85	7,486,819,393.84	3,120.86	1.60	0.51		Ekiti
	1	1	TOTAL	27,722,432		1,390,131,770.57	-	1,390,131,770.57	216,485,220,630.87	7,809.03	46.13	14.82		TOTAL
			SOUTH-WEST											SOUTH-WEST
			SOUTH-EAST
7	22	28	Anambra	4,177,828		41,459,335.44	-	41,459,335.44	6,456,462,308.07	1,545.41	1.38	0.44		Anambra
8	13	21	Imo	3,927,563		51,267,026.15	-	51,267,026.15	7,983,813,982.34	2,032.77	1.70	0.55		Imo
9	9	9	Enugu	3,267,837		66,840,894.78	-	66,840,894.78	10,409,132,544.09	3,185.33	2.22	0.71		Enugu
10	27	23	Abia	2,845,380		35,500,952.41	-	35,500,952.41	5,528,563,318.81	1,943.00	1.18	0.38		Abia
11	21	11	Ebonyi	2,176,947		43,332,703.18	-	43,332,703.18	6,748,201,866.22	3,099.85	1.44	0.46		Ebonyi
	5	5	TOTAL	16,395,555		238,400,911.96	-	238,400,911.96	37,126,174,019.53	2,264.40	7.91	2.54		TOTAL
			SOUTH-EAST											SOUTH-EAST
			SOUTH-SOUTH
12	18	31	Rivers	5,198,716		45,847,509.46	-	45,847,509.46	7,139,832,648.21	1,373.38	1.52	0.49		Rivers
13	34	36	Delta	4,112,445		24,700,261.56	-	24,700,261.56	3,846,571,732.74	935.35	0.82	0.26		Delta
14	11	14	Akwa-Ibom	3,902,051		59,850,370.59	-	59,850,370.59	9,320,498,211.98	2,388.62	1.99	0.64		Akwa-Ibom
15	14	15	Edo	3,233,366		48,399,513.67	-	48,399,513.67	7,537,256,263.83	2,331.09	1.61	0.52		Edo
16	3	2	Cross-Rivers	2,892,988		120,212,331.65	-	120,212,331.65	18,720,666,407.85	6,471.05	3.99	1.28		Cross-Rivers
17	28	12	Bayelsa	1,704,515		33,484,253.42	-	33,484,253.42	5,214,502,785.10	3,059.23	1.11	0.36		Bayelsa
	3	3	TOTAL SOUTH-SOUTH	21,044,081		332,494,240.35	-	332,494,240.35	51,779,328,049.71	2,460.52	11.03	3.55		TOTAL SOUTH-SOUTH
			NORTH-WEST
18	10	34	Kano	9,401,288		64,318,822.90	-	64,318,822.90	10,016,370,290.22	1,065.43	2.13	0.69		Kano
19	2	3	Kaduna	6,113,503		245,510,669.07	-	245,510,669.07	38,233,376,494.27	6,253.92	8.15	2.62		Kaduna
20	8	22	Katsina	5,801,584		72,870,055.34	-	72,870,055.34	11,348,053,718.10	1,956.03	2.42	0.78		Katsina
21	26	32	Jigawa	4,361,002		36,325,475.41	-	36,325,475.41	5,656,966,285.60	1,297.17	1.21	0.39		Jigawa
22	20	24	Sokoto	3,702,676		45,166,786.78	-	45,166,786.78	7,033,823,705.25	1,899.66	1.50	0.48		Sokoto
23	32	30	Zamfara	3,278,873		31,251,921.60	-	31,251,921.60	4,866,861,750.77	1,484.31	1.04	0.33		Zamfara
24	17	19	Kebbi	3,256,541		45,945,670.75	-	45,945,670.75	7,155,119,305.90	2,197.15	1.52	0.49		Kebbi
	2	4	TOTAL NORTH-WEST	35,915,467		541,389,401.85	-	541,389,401.85	84,310,571,550.10	2,347.47	17.97	5.77		TOTAL NORTH-WEST
			NORTH-CENTRAL
25	33	35	Benue	4,253,641		28,791,949.55	-	28,791,949.55	4,483,770,303.42	1,054.10	0.96	0.31		Benue
26	24	29	Niger	3,954,772		38,600,524.37	-	38,600,524.37	6,011,259,660.14	1,520.00	1.28	0.41		Niger
27	29	27	Kogi	3,314,043		33,372,633.17	-	33,372,633.17	5,197,120,163.56	1,568.21	1.11	0.36		Kogi
28	36	33	Plateau	3,206,531		22,985,918.15	-	22,985,918.15	3,579,597,033.50	1,116.35	0.76	0.25		Plateau
29	19	13	Kwara	2,365,353		45,687,046.33	-	45,687,046.33	7,114,843,724.97	3,007.94	1.52	0.49		Kwara
30	16	6	Nassarawa	1,869,377		47,526,268.88	-	47,526,268.88	7,401,265,852.68	3,959.22	1.58	0.51		Nassarawa
	6	7	TOTAL	18,963,717		216,964,340.45	-	216,964,340.45	33,787,856,738.28	1,781.71	7.20	2.31		TOTAL
			NORTH-CENTRAL											NORTH-CENTRAL
			NORTH-EAST
31	3	7	Bauchi	4,653,066		111,607,175.28	-	111,607,175.28	17,380,585,406.35	3,735.30	3.70	1.19		Bauchi
32	37	37	Borno	4,171,104		16,070,015.32	-	16,070,015.32	2,502,583,485.78	599.98	0.53	0.17		Borno
33	25	25	Adamawa	3,178,950		37,573,469.66	-	37,573,469.66	5,851,316,430.15	1,840.64	1.25	0.40		Adamawa
34	31	20	Gombe	2,365,040		32,747,378.62	-	32,747,378.62	5,099,749,272.49	2,156.31	1.09	0.35		Gombe
35	30	18	Yobe	2,321,339		32,802,152.75	-	32,802,152.75	5,108,279,247.76	2,200.57	1.09	0.35		Yobe
36	35	26	Taraba	2,294,800		24,056,964.72	-	24,056,964.72	3,746,391,115.85	1,632.56	0.80	0.26		Taraba
	4	6	TOTAL	18,984,299		254,857,156.35	-	254,857,156.35	39,688,904,958.39	2,090.62	8.46	2.72		TOTAL
			NORTH-EAST											NORTH-EAST
37	23 - 7'	5-2'	FCT-ABUJA	1,406,239		38,979,156.07	-	38,979,156.07	6,070,223,974.78	4,316.64	1.29	0.42		FCT-ABUJA
			G.TOTAL	140,431,790		3,013,216,977.60	9,963,720,000.00	12,976,936,977.60	2,020,898,395,521.65	14,390.60	100.00	32.13		G.TOTAL 1
			FGN			6,363,896,722.40	47,653,610,000.00	54,017,506,722.40	8,412,146,321,879.35		211.20	67.87		FGN
			G.TOTAL 2			9,377,113,700.00	57,617,330,000.00	66,994,443,700.00	10,433,044,717,401.00		100.00	100.00		G.TOTAL 2

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DAILY TRUST

STATES' FOREIGN DEBTS RISE BY 26% IN 18 MONTHS

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Category: Lead stories

Published on Monday, 08 September 2014 05:02

Written by Nuruddeen M. Abdallah

Hits: 1143

States' foreign debts

. Lagos, Bauchi, Kaduna top debtors' list

Lagos, Bauchi and Kaduna are the biggest foreign debtors among the 36 states in the country, according to official data analysed by Daily Trust.

Records posted on the Debt Management Office (DMO) website shows that the foreign debt stock of some of the states nearly doubled in 18 months.

Data as at June 2014 show that the top foreign debtors are Lagos (N162 billion), Kaduna (N40 billion) and Bauchi (N17 billion).

But the figures as at December 2012 stood at N99 billion for Lagos, while Kaduna had N34 billion and Bauchi had N10 billion.

The total foreign debt stock of the 36 states and the Federal Capital Territory (FCT) was N387 billion ($2.4 billion) as at December 2012, according to DMO records.

But the debt profile soared to N489 billion ($3 billion) by June, representing an increase of about 26 percent.

Of the $3 billion external debt, 2.9 billion is multi-lateral while the remaining $108 million in bilateral loan.

Kaduna retained its position as the North's biggest debtor with its foreign debt profile rising from $216 million in December 2012 to $246 million in June 2014.
Again, Lagos remains the country's biggest debtor with its external debt profile almost doubling from $611 million in 2012 to $1 billion in 2014.
Lagos total debt profile both foreign and domestic was N234 billion in December 2012. 

Another state which foreign debt profile skyrocketed is Bauchi. Its foreign debt profile grew from 67 million US dollars in 2012 to 111 million US dollars in 2014.
But Cross Rivers' only grew from 113 million US dollars in 2012 to 120 million US dollars in 2014.

While Ogun's moved from 102 million US dollars from 2012 to 117 million US dollars in 2014.

On the other hand, Borno remains the state with the least growth in foreign debt profile both in 2012 and now.

Its foreign debt profile grows from 14 million US dollars in December 2012 to 16 million US dollars as at June 2014.

Other states with the least foreign debt profile as at December 2012, according to official data are Delta (18 million US dollars), Plateau (22 million US dollars) and Taraba (23 million US dollars).

But by June 2014, the DMO data shows the states with the least foreign debts thus: Borno ($16 million), Plateau ($23 million), Taraba ($24 million), Delta ($25 million), and Benue ($29 million).

Due to their debt profile many states lose large chunk of their statutory monthly allocations to debt service deductions, leaving small amounts for fresh projects.
There are no official figures of the current domestic debt profile of the states by the DMO yet.

A DMO documents shows that the 36 states and FCT's domestic and foreign debts are N1.928 trillion as of December 31, 2012, with the domestic component being N1.551 trillion while foreign debt stock stood at N387 billion.

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