Bayelsa
government generated a total of N12.52 bn from internal sources in 2017 fiscal
year while its domestic debt stock stands at N129.46 bn.
According to
data obtained from National Bureau of Statistics (NBS) website, the state got
N105.25 bn from the federation account in 2017.
According o
the report issued in March 2018 Lagos generated the highest revenue from
internal sources amounting to N333.96 bn in 2017 as against N302.42 in 2016
while Rivers generated a total of N89.48 in 2017 as against N85.28 in 2016.
The NBS also
stated that Bayelsa’s external debt as at end of N2017 stood at $47.76 million
and accounted for one per cent of foreign debts owed by the 36 states of the
federation and 0.25 per cent of National foreign debt profile of $18.90 bn.
According to
the data, Bayelsa’s domestic debt of N129.46 bn was 3.87 per cent of local
debts owed by the states.
“Nigerian
States and Federal Debt Stock data as at 31st December 2017 reflected that the
country's foreign and domestic debts stood at $18.9bn and N3.35trn
respectively.
“Further
disaggregation of Nigeria's foreign debt showed that $10.24bn of the debt was
multilateral; $274.98m was bilateral (AFD) and $2.09bn from the Exim Bank of China
credited to the Federal Government while $6.30bn was commercial.
“Total FGN
debt accounted for 78.23% of Nigeria's total foreign debt while all States and
the Federal Capital Territory (FCT) accounted for the remaining 21.77%,” NBS
stated.
The data
indicated that Lagos has the highest
foreign debt profile among the 36 states accounting for 35.61% while Kaduna 5.79%), Edo
5.64%, Cross River 4.08% and Enugu (3.23%) followed closely.
Also states’
domestic debt was N3.35 trillion with Lagos accounting for 10.85 % of the total
domestic debt stock while Sokoto has the least debt in this category with a contribution
0.78% to the total domestic debt stock.
It will be
recalled that Gov Seirake Dickson of Bayelsa had in November 2017 got the
approval of Bayelsa Assembly to restructure N40 bn of the debt to ease the
repayment burden on the state’s monthly income to free funds for projects.
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