10 Nigerian states and the FCT cut their external debt by a combined $227.19 million in H1 2025

  • Ten states and the FCT collectively reduced their external debt by $227.19 million in H1 2025.
  • Lagos, Edo, and Rivers accounted for most of the reductions, making up more than three-quarters of the total.
  • Several smaller states also trimmed their balances, but by relatively modest amounts.
  • These reductions significantly offset the increases recorded by 26 other states, helping keep nationwide net external debt growth low.

Ten Nigerian states and the FCT reduced their external debt positions in H1 2025.

Lagos recorded the most significant drop at $119.44 million, followed by Edo at $45.24 million and Rivers at $18.51 million. Most of the other reductions were modest but showed more cautious external borrowing amid tighter fiscal conditions and exchange rate pressure.

Despite the reductions, several states, including Lagos, Rivers, Delta and Cross River, still carry enormous external debt burdens.

Source:

Debt Management Office, Nigeria

Period:

H1 2025
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