Nigeria’s accumulated external debts now stand at $2.608 billion which comprises outstanding obligations by both Federal Government and the 36 states of the federation to multilateral institutions.
The multilateral institutions include the World Bank and the African Development Bank (AfDB).
A document from the Debt Management Office (DMO) made available to THISDAY weekend disclosed that the outstanding amount represents the nation’s total debt stock after the Paris Club and London Club debt payments.
Of the total amount, 45.82 per cent, translating to $1.195 billion is owed by the Federal Government while the remaining 54.18 per cent or $1.413 billion represented the states’ indebtedness.
Recently, at a meeting with the state governors, President Umaru Musa Yar’Adua had decried the states’ huge debt profile which were incurred by past administrations. “The high debt profile left behind by the immediate past governors was unacceptable,” he said.
However, up till July 2006, the states had paid a total of $1.170 billion out of the total debt owed before the outcome of the external debt reconciliation.
The amount had been deducted from the states’ account for over a period of four years starting 2002.
In 2002, a total of $168.068 million was deducted; in 2003, $273.489 million was deducted; in 2004, $278.818 was deducted while in 2005 and 2006, $261.314 million and $169.237 million were deducted respectively.
According to the DMO document, top on the list of states’ external indebtedness was Lagos State, which is owing $190.253 million and was followed by Oyo with $113.853 million.
Cross River, with a debt profile of $93.517 billion trailed behind Oyo while Kaduna and Katsina with $84.995 million and $66.951 million, respectively, followed.
Also on the list are Abia, $16.819 million; Adamawa, $15.198 million; Akwa Ibom, $60.786 million; Anambra, $16.869 million; Bauchi, N65.946 million; Bayelsa $15.124 million; Benue, $14.385 million; Borno, $11.026 million; Delta, $24.396 million; Ebonyi, $18.377 million; Edo, $34.999 million; Ekiti, $20.365 million; Enugu, $22.030 million; Gombe, $10.592 million; Imo, $36.164 million; Jigawa, $12.577 million and Kano, $42.628 million.
Others are Kebbi, $52.020 million; Kogi, $20.033 million; Kwara, $20.052 million; Nassarawa, $25.597 million; Niger, $31.838 million; Ogun, $29.230 million; Ondo, $39.512 million; Osun, $55.408 million; Plateau, $38.124 million; Rivers, $28.621 million; Sokoto, $25.631 million; Taraba, $18.334 million, Yobe, $16.050 million; Zamfara, $12.799 million and the Federal Capital Territory (FCT), $10.058 million.
A breakdown of the deductions as at July 2006, revealed that the states offset the following amounts: Abia, $94,391,158; Adamawa $47,747,846.49; A/Ibom $30,683,699.06; Anambra $33,822,226.68; Bauchi $13, 543,255.27; Bayelsa $27, 556,287.84; Benue $47, 335,201.15; Borno $40, 406,359.12; C/River $18, 726,535.14; Delta $34, 613,472.79; Ebonyi $37, 417,962.16; Edo $53, 586,334.98; Ekiti $10, 231,852.21; Enugu $56, 420,594.84; Gombe $13, 388,630.78; Imo $80, 678,946.44; Jigawa $18, 208,727.35; Kaduna $6, 907,969.75; Kano $17, 465,489.30; Katsina $5, 723,988.30; Kebbi $10, 300,294.58; Kogi $36, 711,101.82; Kwara $54, 482,831.61; Lagos $95, 366,935.52; Nassarawa $23, 282,897.73; Niger $23, 139,742.24; Ogun $29, 271,957.91; Ondo $30, 226,418.58; Osun $26, 062,584.03; Oyo $24, 750,736.20; Plateau $16, 421,296.45; Rivers $35, 635,336.61; Sokoto $30, 019,479.31; Taraba $31, 993,583.78; Yobe $7, 592,582.26 and Zamfara $6, 813,641.30.