Within the first half of 2025, 26 states in Nigeria elevated their exterior debt by a complete of $239 million in recent borrowings, based on the most recent revealed figures by the Debt Administration Workplace (DMO).
In response to the debt workplace, Nigeria’s exterior debt stood at $46.98 billion.
Complete state exterior debt rose solely barely, from $4.8 billion to $4.812 billion, on account of aggressive repayments by prime indebted states.
However whereas some prime indebted states repaid their exterior loans, others accrued extra exterior loans within the first six months of this 12 months.
Imo, the state with the most important enhance noticed its exterior debt rise by $36.2 million, the very best among the many states. This was intently adopted by Oyo with a rise of $35.7 million, and Kaduna, which noticed an extra $33.6 million in debt. Enugu State added $27.3 million, whereas Ogun adopted with a rise of $21.8 million in its exterior debt.
Different notable exterior debt contributors
A number of different states additionally contributed vital will increase to Nigeria’s whole exterior debt inventory.
- Katsina added $14.2 million
- Borno – $8.7 million
- Kwara – $6.7 million
- Gombe – $5.8 million
- Nasarawa – $5.7 million
- Osun – $5.1 million
- Plateau – $5.1 million
Transferring additional down the checklist, Akwa Ibom added $4.8 million to its exterior debt, whereas Ebonyi and Abia noticed increments of $4.5 million and $3.8 million, respectively. The northern states of Yobe, Taraba, and Kogi contributed $3.4 million, $3.1 million, and $2.9 million, respectively.
States with least addition in exterior debt inventory
Within the backside half of the checklist, Adamawa noticed its exterior debt rise by $2.1 million, whereas Ondo added $2.0 million to its debt inventory. Niger and Sokoto had comparatively smaller will increase, with exterior debt rising by $1.9 million and $1.2 million, respectively. The least will increase got here from Jigawa ($1.2 million), Kebbi ($1.1 million), Zamfara ($554,100) and Bayelsa ($438,000).
Key repayments by high-debt states scale back debt inventory
Nevertheless, aggressive repayments by a number of high-debt states left the nation’s whole sub-national exterior obligation nearly unchanged.
A complete of 11 states, together with the FCT, diminished their debt via greater repayments. Lagos, Edo, Rivers, and Bauchi accounted for a lot of the $227 million in reductions.
Prime 5 indebted states accounted for N4.66 trillion
Of the nation’s whole public debt inventory of N152.39 trillion in Q2 2025 (up from N149.38 trillion in Q1 2025), the highest 5 indebted states collectively owed a staggering N4.66 trillion, with Lagos State sustaining its long-held place as Nigeria’s most indebted subnational, with a complete debt of N2.496 trillion:
- N1.04 trillion in home debt
- N1.456 trillion in exterior debt, calculated at an change fee of N1,400 per greenback
The state’s heavy borrowing, bigger than the mixed debt of a number of geopolitical zones, is a mirrored image of the dimensions of its financial system as Nigeria’s financial hub and highest revenue-generating state.
Kaduna State ranks second with N1.507 trillion in whole debt, comprising:
- N585.72 billion home
- N922.18 billion exterior
Rivers State is third with N327.55 billion whole debt (N74.05 billion home; N253.5 billion exterior).
Delta State follows with N232.16 billion in cumulative debt, break up between N102.49 billion home and N129.67 billion exterior.
The Federal Capital Territory (FCT) rounds out the highest 5 with about N101.4 billion, making it the least indebted among the many main debtors, after reimbursement of a part of its exterior debt.
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