Nigeria's external debt increased by $800m in 2023, the lowest increase in the past seven years

At the end of every year from 2017 to 2023, Nigeria added between $800m and $7.5b to its external debt. After repaying $3.5 billion of its external debt in 2023, the country's external debt only increased by $800m as of December, marking the lowest increase in the past 7 years.

Source:
National Bureau of Statistics
Period:
2023
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Twenty states and the FCT added a combined ₦643b to their domestic debt in 2023
How much more debt did Nigerian states add to their existing domestic debt in 2023? Nigerian states' domestic debt increased by 9.8% in 2023, with 20 states and the FCT contributing to this increase. Lagos State recorded the biggest jump in domestic debt with ₦241.5b added.

Top 10 Nigerian states by domestic debt stock as of March 2021
States and the FCT accounted for ₦4.12 trillion — 19.98% of Nigeria's Total Domestic Debt and 12.45% of the Total Public Debt, with Lagos having the most outstanding debt of ₦507.4 billion — 12.3% of the Total Debt Stock by states and the FCT.

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