26 Nigerian states added a combined $239m to their external debt in H1 2025

  • 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.

In the first half of 2025, state-level external debt in Nigeria shifted in different directions, with some states adding to their balances while others reduced theirs through repayments that outweighed any new borrowing.

Across the 26 states that recorded increases, external debt rose by a combined $239 million, driven mainly by Imo, Oyo, Kaduna, Enugu, and Ogun. In contrast, 11 states including the FCT saw their debt stocks decline, with Lagos, Edo, Rivers, and Bauchi accounting for the largest reductions, together cutting about $227 million.

These opposing movements meant that total external debt across all states rose only marginally, from $4.8 billion in December 2024 to $4.812 billion in June 2025, a net increase of just $12 million.

Source:

Debt Management Office

Period:

June 2025
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