Nyok|8 April 2019
As at 31st December 2018, Cross River State completes the list of the top four on the foreign debt with a portfolio of $188.77m representing 4.46 per cent of the sub-national foreign debt portfolio.
In terms of domestic debts the state is part of the other highly indebted sub-national governments with a profile of N167.96bn.
Data from the DMO suggests strongly that the quadruplet of Lagos, Edo, Kaduna and Cross River have combined foreign debt of $2.12bn, out of the $4.23bn owed by the 36 states of the federation and Federal Capital Territory implying that these four states owed 50.08 per cent of the sub-national foreign debt.
Lagos is on top of the list with a foreign debt portfolio of $1.43bn which represents 33.81 per cent of the foreign sub-national debt portfolio. Edo State's foreign debt portfolio is pegged at $276.25m representing 6.53 per cent of the sub-national foreign debt profile.
Followed by Edo is Kaduna State with a foreign debt portfolio of $227.25m representing 5.37 per cent of the country’s sub-national foreign debt.
