Nigeria just reported that its total government debt hit N152.39 trillion during the second quarter of this year, and Lagos State came out as the biggest borrower among all the states. The National Bureau of Statistics broke down the numbers to show external obligations reached N71.84 trillion, while domestic borrowing sat at N80.55 trillion. External debt made up about 47 percent of the total pile, and domestic debt covered the remaining 53 percent.
Lagos led the pack with N1.04 trillion in domestic debt on its books, and Rivers came second with N364.39 billion. Meanwhile, Jigawa recorded the lowest amount at just N852.49 million. The federal government carried most of the burden with N141.07 trillion in combined obligations, and state governments together owed N11.32 trillion, split between foreign and domestic lenders.
Lagos led the pack with N1.04 trillion in domestic debt on its books, and Rivers came second with N364.39 billion. Meanwhile, Jigawa recorded the lowest amount at just N852.49 million. The federal government carried most of the burden with N141.07 trillion in combined obligations, and state governments together owed N11.32 trillion, split between foreign and domestic lenders.
