Politics Lagos State is Owing $1billion Out of $3billion Owed By 36 States

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abujagirl

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Out of $3billion dollar being owed by Nigerians states, the Lagos state is owing a whooping $1billion naira. PUNCH has this story.

The Lagos State Government owes 33.86 per cent of the country’s total sub-national external debts (debts owed by state governments), investigation has shown.

Statistics obtained from the website of the Debt Management Office in Abuja on Wednesday showed that out of the total external debt of $3.01bn, Lagos State owed $1.02bn, leaving the remaining 35 states and the Federal Capital Territory with $1.99bn as of June 30, 2014.

Further analysis shows that out of Lagos’s $1.02bn external loan commitments, $937.91m was from multilateral bodies, while $82.5m represented loans contracted from bilateral sources.


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SOURCE: #Punch

#Lagos

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