Economic Confidential declares Lagos indeptedness as above N1Trillion
The Economic Confidential, in the ranking, has ranked Lagos State as number one indebted states in Nigeria.
The ranking reveals Lagos has N513,514,416,769.20 as outside debt and N 530,243,773,934.40 as domestic debt, bringing the entire debt by Lagos into N1,043,758,190,703. 60.
According to Economic Confidential researchers on the Annual High Indebted States (AHIS) on External and National Debts at 2018, “the amount owed by Lagos State represents roughly twenty (20) percent of their total debts owed by the 36 states and the Federal Capital Territory (FCT) that is N5.376 trillion in 2018.”
The Economic Confidential released a report detailing each nations’ revenue generation profile in comparison to their allocations while finishing that states can’t endure without federation allocations.
States listed as indebted are Edo, Kaduna, Cross River and Bauchi. “Investigations further show that among the first five highly indebted states from the neighbourhood debt inventory saw Lagos emerging tops with N530.243 billion, followed closely by Delta State with N228.805 billion, respectively Rivers with N225.592 billion, Akwa Ibom State with N198.663 billion and Cross River with N167.955 billion.
“Outside Lagos state that is leading the bunch, Rivers state is second with N253.772 billion, Delta arrives at the third place using N251.589 billion, followed by Cross River at the fourth position using N235.914 billion along with the fifth position has been seized by Akwa Ibom with N215.099 billion,” the standing shows.
The ranking also revealed the five countries which made the list of states that were least indebted in the debt stock.