Economy - Intelpoint

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.

FGN bonds dominated: ₦1.07 trillion went to Federal Government Bonds, accounting for about 63% of total domestic debt servicing.
Treasury bills followed: Payments on NTBs reached ₦537.9 billion, making up roughly 31% of the total.
Sukuk and promissory notes together cost ₦90.8 billion, reflecting Nigeria’s mix of infrastructure and settlement instruments.
Green and savings bonds remained minimal, together below ₦5 billion, showing limited traction for retail and sustainability-focused debt.

The Federal Government’s share of total public debt rose from 79.5% in 2019 to 92.6% in 2025.
States’ share has more than halved, from 20.5% to 7.4% in six years.
Total public debt grew from $83.9 billion to $99.7 billion, peaking at $113.4 billion in 2023.
Nigeria’s debt burden is increasingly concentrated at the centre, amplifying federal repayment risks and reducing fiscal independence for states.

Total public debt hits ₦152.4 trillion, marking another milestone in Nigeria’s expanding debt profile.
Domestic debt leads at ₦80.5 trillion, making up about 53% of total obligations.
External debt stands at ₦71.8 trillion, equivalent to roughly 47%, reflecting Nigeria’s ongoing exposure to foreign lenders.
The data signals growing fiscal dependence on local markets, as authorities seek to limit exchange rate risks while still financing deficits.

The South-West recorded the highest domestic debt stock of approximately ₦1.43 trillion, largely powered by Lagos State’s ₦1.04 trillion debt.
The South-South ranks second with ₦968 billion, led by Rivers State’s ₦364.4 billion, reflecting major infrastructure and fiscal commitments.
The North-Central (₦520 billion) and North-East (₦450 billion) show moderate borrowing compared to their southern counterparts.
The North-West records the smallest combined debt stock at ₦223 billion, indicating a relatively conservative borrowing posture.

Enugu State holds the highest domestic debt in the South-East at ₦180.5 billion.
Imo ranks second with ₦97.9 billion, about 54% lower than Enugu’s figure.
At ₦15.8 billion, Ebonyi remains the least indebted in the region, maintaining a conservative borrowing stance.
Combined, the five South-East states (Enugu, Imo, Abia, Anambra, and Ebonyi) owe roughly ₦371 billion domestically as of Q2 2025.

Bayelsa holds the lowest debt with ₦65.9 billion.
Rivers’ ₦364.4 billion domestic debt is almost six times Bayelsa’s total, highlighting major fiscal disparities.
Delta (₦204.7 billion) and Cross River (₦147.3 billion) remain among the region’s more indebted states
Regional debt approaches ₦1 trillion: The six South-South states collectively hold an estimated ₦968 billion in domestic debt as of Q2 2025.

1 2 3 … 6 Next