trillion, meaning Lagos alone ac- one of the strongest internally counts for a substantial portion of generated revenue bases in the subnational borrowing in Nigeria. country, which provides some Similarly, the total external debt of cushion for managing its liabilities. states and the FCT was put at $5.68 The DMO figures highlight a billion, with Lagos contributing growing imbalance in subnational a significant share of that figure. borrowing, with a few economi- Lagos’ large debt profile is attrib - cally dominant states accounting uted to its aggressive infrastructure for a disproportionate…