Lagos state revealed as the state with the highest debt profile in Nigeria

According to new data from the Debt Management Office DMO, Lagos state is the most indebted state in the country. As of June 30th this year, the state owed $1.43bn in foreign debts while Kaduna state comes in as second most indebted state with its foreign debt standing at $225.28m while Edo state is ranked third with its foreign debt at $179.52m.

According to the data, the highest owing states in the subnational foreign debts include Cross River, $141.47m or 3.87 per cent; and Ogun, $103.55m or 2.83 per cent.

The Debt Management Office (DMO) data shows Nigeria's debt profile rose from N12.6 trillion at the end of 2015 to N16.3 trillion as at June 30th.