• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Opinions Blurb

Approaching N1 trillion, should we be worried about Lagos State’s rising debt?

Gbenga Agoye by Gbenga Agoye
July 25, 2017
in Blurb

Gov. Akinwunmi Ambode of Lagos State

Share on FacebookShare on TwitterShare on Linkedin

Data from the National Bureau of Statistics reveals Lagos State is by far the most indebted state in Nigeria. The state owes about $1.3 billion and another N311 billion in Naira denominated debts.

The report contains the breakdown of both external and local debts owed by the 36 states and Federal Capital Territory (FCT) as at the end of 2016.

According to the data, total external debts owed by states amount to about $3.5 billion while domestic debt was about N2.9 trillion only.

RelatedStories

FGN Bonds, bond, DMO set to auction N150 billion in FGN Bonds to investors , FGN Bond for February 2020 oversubscribed by investors, DMO suspends April 2020 FGN savings bond offer

DMO opens subscription for July 2025 FGN savings bonds with interest rates up to 16.762% 

July 7, 2025
President Bola Tinubu,

Experts warn of debt trap, sovereign default risk as Nigeria’s public debt surged over 1,000% in naira terms in 10 years 

June 24, 2025

At N311 billion and $1.3 billion in external debts, Lagos State debts is estimated at about N815 billion or N0.8 trillion.

Detailed Breakdown of external debt by states

The detailed breakdown shows that Lagos topped the list with $1.380 billion, which represented about 38.7% of the total sub-national external debt.

Interactive chart

[wpdatachart id=126]

Detailed breakdown of the N2.95 trillion domestic debt

On the domestic debt, the states owed N2.95 trillion as at the end of September last year, with Lagos States also the most indebted. Its domestic debt stood at N311.7 billion as at the period under review.

Interactive chart

[wpdatachart id=125]

 

It was followed by Delta State with N237.797 billion, and the Federal Capital Territory with N52.8 billion.

Should Lagosians be worried

Lagos State currently has an internally generated revenue of about N302 billion which suggest its local debt as a percentage of internally generated revenue is over a 100%. Add foreign debts and we are looking at over 2: 1.

However, it budgeted about N24 billion as external debt servicing for the year 2017. This represents about 8% of total revenue. Based on this, Lagosians need not worry as the State trailing internally generated revenue (IGR) is about 12.5x its debt obligation for the year. On the foreign front, Lagos State has an obligation to pay about N6 billion this year, which is about 2% its IGR.

Lagos State also earmarked another N71.5billion in total debt repayments for the year 2017. Add that to the combined debt service of about N30 billion then Lagos State will have a total debt obligation of about N100 billion this year alone. Again, that is less than one-third its internally generated revenue. Add its share of FG allocation and maybe you will agree the state is more comfortable than its “peers”.

The data above therefore suggest Lagos State’s debt situation is for now not a worry as it can generate enough revenue to meet its obligations. In fact, Lagos State claims it plans to borrow another N170 billion in 2017 to finance its budget deficits. It’s total expenditure for 2017 is about N812 billion about 12% the Federal Budgeted expenditure.

Lagos States total debt is projected to cross N1 trillion by the time Ambode is up for re-election. We believe by then, opponents of the governor will have significant ammunition to dent his polices particularly if Lagosians do not see much in state if the economy.

 

 

 

 

 

 

 

 

 

Tags: ChartsdebtDeepdiveDMOLagos State debtStates debts
Gbenga Agoye

Gbenga Agoye

Related Posts

FGN Bonds, bond, DMO set to auction N150 billion in FGN Bonds to investors , FGN Bond for February 2020 oversubscribed by investors, DMO suspends April 2020 FGN savings bond offer
Fixed Income

DMO opens subscription for July 2025 FGN savings bonds with interest rates up to 16.762% 

July 7, 2025
President Bola Tinubu,
Economy

Experts warn of debt trap, sovereign default risk as Nigeria’s public debt surged over 1,000% in naira terms in 10 years 

June 24, 2025
DMO, FGN Savings Bonds
Fixed Income

Sovereign green bond offer records N91.42 billion, oversubscribed by 183% – DMO 

June 19, 2025
FGN Bonds, FG lists N296 billion savings bonds on NSE, Investment Alert: The FGN Savings Bond is now open for subscription
Fixed Income

DMO allots over N4.28 billion in FGN Savings Bonds for May 2025 

May 17, 2025
FGN Bonds, FG lists N296 billion savings bonds on NSE, Investment Alert: The FGN Savings Bond is now open for subscription
Fixed Income

DMO allots N4.34 billion in April 2025 FGN savings bonds   

April 24, 2025
FGN Bonds, bond, DMO set to auction N150 billion in FGN Bonds to investors , FGN Bond for February 2020 oversubscribed by investors, DMO suspends April 2020 FGN savings bond offer
Fixed Income

FG seeks to raise N350 billion in April 2025 FGN bond auction 

April 23, 2025
Next Post
$1 million worth of Bitcoin giveaway on Twitter

FLASH: Nearly N1 billion worth of bitcoin was traded in Nigeria last week

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • IGP sues Abu Arome, 3 Ghanaians over alleged forgery of company shares allocation document
  • Nigeria’s oil rig count rises to 46 in July 2025 – NUPRC
  • Oyo State approves N7.7 billion for two surveillance aircraft to combat insecurity 

Follow us on social media:

Recent News

IGP prosecutes Nigerian businessmen over alleged N13.5 billion forex fraud dispute  

IGP sues Abu Arome, 3 Ghanaians over alleged forgery of company shares allocation document

July 9, 2025
Nigeria’s gas flare commercialisation programme could unlock $2.5 billion investment – NUPRC 

Nigeria’s oil rig count rises to 46 in July 2025 – NUPRC

July 9, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics