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.

Source:

Debt Management Office of Nigeria

Period:

March 2021
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Lagos State's year-end outstanding foreign debt peaked in 2017, before gradually easing to $1.17 billion as of 2024
  • From just $190 million in 2006, Lagos State's year-end external debt rose significantly to over $1.1 billion by 2024, a more than 500% increase over 19 years.
  • The highest year-end debt was recorded in 2017 at $1.47 billion, with a gradual decline afterwards, except for a brief rise again in 2022–2023.
  • By 2024, Lagos State's external debt dipped slightly to $1.17 billion, suggesting some debt service or currency gain effects.
  • If Lagos State paid off or borrowed funds in a given year, only the remaining unpaid amount by year-end is shown in the data.
The top three indebted states (Lagos, Kaduna, and Edo) collectively account for over $2.18B, nearly half of the total $4.80B states' external debt
  • Lagos alone accounts for nearly 25% of all Nigerian states’ external debt, totalling $1.17 billion.
  • The combined debt of Lagos, Kaduna, and Edo is larger than the sum of the debts of the bottom 30 states.
  • States like Yobe, Abuja, and Jigawa each owe less than $25 million externally, indicating minimal foreign exposure.
  • Cross River, Rivers, and Ogun round out the top six debtors, each with external debts around [$190–210] million.
  • Just eleven states owe over $100 million each, while the majority owes less than that threshold.
  • Despite 36 subnational governments, the federal government’s $40.98 billion external debt is over 8x that of all states combined.
Jigawa has the lowest domestic debt among Nigerian states at ₦1.06B, a stark contrast to Lagos's (the highest) ₦874.04B debt
  • Lagos alone holds more domestic debt than the bottom 25 states combined.
  • Jigawa’s domestic debt of ₦1.06 billion is less than 0.15% of Lagos’s debt, showing the widest disparity.
  • The 10 highest-indebted states account for nearly 70% of the total domestic debts across Nigerian states.
  • The Federal Capital Territory (FCT) carries more debt than 17 other states.
Nigeria’s outstanding debt to the World Bank has grown nearly 100-fold since 1970, reaching $17.8 billion in 2024
  • Nigeria’s outstanding debt to the World Bank rose from $180 million in 1970 to $17.81 billion in 2024, a nearly 100-fold increase in 54 years.
  • The balance remained below $5 billion until 2013, but more than tripled between 2013 and 2024, signalling accelerated reliance on multilateral credit.
  • From 2020 to 2024, the outstanding debt rose by $6.4 billion, the sharpest five-year surge on record.
  • The figures reflect a steady accumulation of obligations, driven by long-term borrowing and slower repayment relative to disbursement.
Cameroon's outstanding debt surges by 2,310% from 2017, reaching SDR 1.18 billion by 2025
Key Takeaways:
  • Cameroon’s IMF debt decreased from SDR 70.6 million in 2016 to SDR 49.1 million in 2017—a 30% reduction.
  • From 2018 onwards, the country experienced steady increases in outstanding debt.
  • After an initial 30% reduction from 2016 to 2017, debt skyrocketed by 380% in just one year (2017-2018).
  • By March 2025, Cameroon’s outstanding debt had reached SDR 1.18 billion, representing a staggering SDR 1.13 billion increase from its 2017 level.
  • Although the pace of accumulation has moderated in recent years, the overall debt trend remains upward.
Democratic Republic of Congo’s external debt to the IMF increased by 2,482% between 2019 and 2025
Key Takeaways:
  • The Democratic Republic of Congo (DRC) reduced its external debt significantly from SDR 263 million in 2016 to SDR 69.3 million by 2019.
  • A sharp reversal occurred in 2020, with debt surging by 327% within a single year, from SDR 69.3 million in 2019 to SDR 296.2 million.
  • Over the decade from 2016 to 2025, the country’s debt increased by 580%, reaching SDR 1.79 billion by March 2025.
  • From 2020 to 2025, the DRC has accumulated over SDR 1.49 billion in new debt.
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