The Debt Management Office says the central government owes 79 percent of the N20 trillion homegrown obligation profile as of September 2020.
The FG has N15.846tr as its homegrown obligation while Lagos state leads with a gigantic piece of the N4.19tr owed by the states.
DMO has said Nigeria’s obligation profile moved to N32trn in September.
N12tr is for remarkable outer obligation while N20tr is for homegrown obligation of the central government, FCT and the 36 states.
Investigation of the central government homegrown obligation shows that bonds represent N11.65tr, depository bills possess N2.7tr while promissory Note is N971.9 billion. The rest are Treasury securities, N100,9bn; Savings security, 12.5bn; Sukuk, N362.6bn; and Green security, N25.7bn.
The remainder of 21 percent is owed by the 36 states and the Federal Capital Territory (FCT) which adds up to N4.19tr. of this sum, Lagos is driving the states on the obligation list with N493.3bn obligation. It is trailed by Rivers state with N266.9bn obligation, at that point Akwa Ibom with N239.2bn and Delta with N235.8bn obligation.
Different states with high obligations are Cross River with N164bn, Ogun with N154bn and Bayelsa with N147bn obligation. Yobe has minimal obligation with N29bn while Jigawa has N36bn obligation.
Specialists had forewarned the FG and states on dwelling much on obligations particularly on buying in to business credits of unfamiliar substances like the Eurobond, an office implied for part nations in Europe, yet given on business premise to non individuals to produce more intrigue.