The National Bureau of Statistics (NBS) has said Nigeriaâ€™s foreign debt stood at $11.41 billion while its domestic debts was N14.02 trillion respectively in 2016.
The NBS stated in â€˜Nigerian Domestic and Foreign Debt â€“ 2016â€™ data, posted on its website yesterday in Abuja, that the sum reflected the statesâ€™ and federal debt stock.
The report, according to the News Agency of Nigeria (NAN), showed that $7.99 billion of the debt was multilateral; $198.25 million was bilateral (AFD) while $3.22 billion from the Exim Bank of China credited to the federal government.
â€œTotal federal government debt accounted for 68.72 per cent of Nigeriaâ€™s total foreign debt while all states and the Federal Capital Territory (FCT) accounted for the remaining 31.28 per cent.
â€œSimilarly, total federal government debt accounted for 78.89 per cent of Nigeriaâ€™s total domestic debt while all states and the FCT accounted for the 21.11 per cent balance.â€™â€™
The report further gave a breakdown of the federal government domestic debt stock by instruments reflected that N7.56 trillion or 68.41 per cent of the debt were in federal government bonds.
â€œAbout N3.28 trillion or 29.64 per cent are in treasury bills and N215.99 million or 1.95 per cent are in treasury bonds.
â€œLagos State has the highest foreign debt profile among the 36 states and the FCT accounting for 38.70 per cent.
â€œKaduna (6.25 per cent), Edo (5.15 per cent), Cross River (3.22 per cent and Ogun (2.90 per cent) followed closely,â€™â€™ NBS added.
Similarly, the report stated that Lagos State had the highest domestic debt profile among the 36 states and the FCT, accounting for 10.54 per cent.
â€œDelta (8.15 per cent), Akwa Ibom (5.25 per cent), FCT (5.16 per cent) and Osun (4.97 per cent) followed in that order,â€™â€™ the report stated.