Lagos, nine others most indebted states in Nigeria

By Kayode Tokede

Debt Management Office has revealed that Lagos, Kaduna, Cross River, Ogun and Oyo occupied the most indebted States in the country, given in the position on the list of external debts incurred by state governments as of December 31, 2013

According to the list, Lagos State crowned the list of external debtors with N146.1 billion or $938 million as of December 31, 2013.

Next to Lagos is Kaduna with N37.57 billion or $241million foreign debt with Cross River coming next with N18.99 billion or $121.97million external debt.  

Following Cross River is Ogun State as the fourth most indebted state with N18.2billion or $116.8million as of December 31, 2013.

Oyo is the fifth most indebted state, accumulating N12.5billion or $80million external debt.

Of recent, the state Commissioner for Finance, Mrs. Kemi Adeosun, claimed that the state owed N35.6 billion as at December, 2013, a debt profile that those not clarify either external or domestic debt.

 Meanwhile, Lagos Internal Revenue Service, LIRS, a major revenue generating agency in Lagos State, saddled with the responsibility of collecting tax, disclosed that over the years, the State’s Internally Generated Revenue (IGR) has increased from a monthly average of about N600million in 1999 to approximately N20.5billion in 2013, thereby making the State of Excellence less dependent on proceeds from the Federation Account.

To make tax as while the other four states depend heavily on federal allocations, Lagos generates huge internal revenue, which was about N23billon monthly in the first quarter of the 2013.

Others include Katsina , Bauchi and Kano States with N11.47 billion or , ($73.7million), N10.99 billion ($70.58 million) and N9.95 billion ($63.9million)  in that order as the December 31, 2013.

Akwa Ibom came second to the last, owning N9.63 billon or $61.8 million while Osun State came last, accruing N9.6 billion or $61.8million last year ended December 31, 2013.