Debt - Page 2 - Intelpoint

Abia’s domestic debt dropped by 66% between 2023 and 2025.
The state reduced domestic debt by about ₦94 billion.
Debt fell from roughly ₦138 billion to about ₦48.5 billion within two and a half years.
About ₦72 billion of inherited debt was cleared early in the administration.
External debt increased by 14% (+$12.9 million) over the same period.

Akwa Ibom’s domestic debt fell 41.5% over the period, from ₦138.6 billion to ₦48.5 billion.
External debt was almost stable, slipping just 0.9%.
The sharpest debt adjustment happened in local-currency obligations, not foreign debt.
The highest domestic debt level during the period was in December 2023.

FCT Abuja’s domestic debt jumped from ₦79 billion to ₦189 billion in one quarter.
This equals a 139.1% quarter-on-quarter increase.
Before Q4 2025, debt growth was relatively moderate.
Debt fell in 2024 before recovering in 2025.
The 2025 recovery was gradual until the final-quarter spike.
Q4 2025 pushed debt to the highest level in the series.

Lagos dominates Nigeria’s subnational debt profile, accounting for 26.1% of domestic debt and 21.8% of external debt.
Six states account for 52% of domestic debt.
The same group contributes 40% of the external debt
Rivers ranks second in domestic debt (9.5%) but has a significantly lower external debt (3.8%).
Kaduna emerges as a major external borrower (13.7%) despite not appearing among the top domestic debt states.

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.

26 states increased their external debt by a combined $239 million in H1 2025.
Imo, Oyo, Kaduna, Enugu, and Ogun recorded the biggest increases.
11 states, including the FCT, reduced their debt through higher repayments.
Lagos, Edo, Rivers, and Bauchi accounted for most of the $227 million in reductions.
Total state external debt rose only slightly, from $4.8 billion to $4.812 billion.

Nigeria’s domestic debt jumped from ₦3.8 trillion in 2010 to ₦80.55 trillion by mid-2025.
Foreign debts increased from $4.27 billion in 2010 to $46.98 billion in 2025, reflecting growing reliance on external financing.
Debt accumulation surged notably after 2020, coinciding with pandemic spending, naira depreciation, and higher fiscal deficits.
The widening gap between revenue and debt service raises questions about Nigeria’s long-term debt sustainability.

The six North-Eastern states collectively owe around ₦450 billion in domestic debt as of Q2 2025.
Borno State maintains the lowest debt in the region at ₦22.3 billion, showing signs of controlled borrowing amid post-conflict rebuilding.
Bauchi State has the highest domestic debt burden of ₦143.6 billion, accounting for about 31% of the region’s total.
The top three states, Bauchi, Taraba and Gombe, collectively account for more than two-thirds of the zone’s total subnational debt stock.

Nigeria paid $816.3 million to the International Monetary Fund, accounting for over 35% of total external debt service payments.
Eurobond payments followed closely, with $687.8 million paid, reflecting Nigeria’s heavy reliance on commercial debt instruments.
Multilateral lenders like IDA and AfDB collectively received about $463 million, signalling continued exposure to concessional financing.
China’s share shrinking: Payments to Chinese lenders (EXIM + CDB) totalled $235.6 million, less than 11% of total outflows, suggesting reduced Chinese debt servicing in H1 2025.

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