Akwa Ibom Domestic Debt Now N230 Billion, Ranks 4th Highest In Nigeria

…as External Debt rises to $47.926 million …As State Government receives N146 billion Allocation in 2020

By Ekemini Simon

The domestic debt stock of Akwa Ibom State has risen to N230.807 billion in the 4th quarter of 2020.

This information is contained in the recent report released by the National Bureau of Statistics (NBS).

The report shows that the State’s external debt stock as of December 31, 2020, is $47.926 million. The external debt stock is incurred by multilateral engagements.

The domestic debt stock which is a 5 per cent share of the 36 states and Federal Capital Territory debt stock places the oil-rich State fourth on the ladder of States with the highest debt stock.

Lagos State has the highest domestic debt stock of N508.778 billion. Rivers State follows with N266.936 billion, Delta State joins with N248.450 billion while Akwa Ibom State follows the chart with N230.807 billion.

Jigawa State has the least debt stock in the country with N30.969 billion. This is a share contribution of 0.74 per cent.

According to the report, Nigerian States and Federal Debt Stock data as of 31st December 2020 reflected that the country’s total public debt portfolio stood at N32.92trn.

The total States and FCT domestic debt was put at N4.19trn.

Nigeria’s total public debt showed that N12.71trn or 38.60% of the debt was external while N20.21trn or 61.40% of the debt was domestic.

Further disaggregation of Nigeria’s foreign debt showed that $17.93bn of the debt was multilateral; $4.06bm was bilateral from the AFD, Exim Bank of China, JICA, India, and KFW while $11.17bn was commercial which are Eurobonds and Diaspora Bonds and $186.70 as Promissory notes.

Meanwhile, according to the report, Akwa Ibom State received a total of N146.265 billion in 2020 from Federation Account Allocation Committee (FAAC). This means that the State came second to Delta State which received N186.828 billion within the period.

Source: TheMail Newspaper

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