DMO concludes external debt profile, says states, FCT owe $2.384b

After five years of hard work, the Debt Management Office DMO, at the weekend said it has ascertained that the Nigeria’s 36 states and the Federal Capital Territory FCT, Abuja owe $2.384 billion in external debts as at December 31, 2012.

The amount, representing a rise $218.88 million growth over the 2011 level, followed assistance given to help the states set up Debt Management Departments DMD, which among others helped in the computation of the debt profile of the various sub-nationals.

According to its 2012 annual report and accounts, the DMO said the debt, mainly at concessionary rates represents 36.53 per cent of the nation’s total debt stock, were obtained by the Federal Government from multilateral agencies to fund projects and programmes like education, health, housing, sanitation and water supply and on-lent to the various states.

A breakdown showed that Lagos, Kaduna and Cross River States led the pack, accounting for $611.25 million or 25.64 per cent; $215.68 million, or 9.05 per cent; and $113.03 million, or 4.74 per cent.