Twenty-six states in Nigeria increased their external debt by $239 million in the first half of 2025, according to new figures from the Debt Management Office.
The DMO said the country’s total external debt stood at $46.98 billion at the end of June.
State external debt rose slightly from $4.8 billion to $4.812 billion due to aggressive repayments by top indebted states.
The data shows that while some states reduced their debt through repayments, others accumulated new external loans.
Imo State recorded the highest new borrowing with an increase of $36.2 million.
Oyo State followed with $35.7 million in new debt.
Kaduna added $33.6 million in the same period.
Enugu increased its external debt by $27.3 million.
Ogun added $21.8 million between January and June.
Other states with significant increases
- Katsina: $14.2m
- Borno: $8.7m
- Kwara: $6.7m
- Gombe: $5.8m
- Nasarawa: $5.7m
- Osun: $5.1m
- Plateau: $5.1m
- Akwa Ibom: $4.8m
- Ebonyi: $4.5m
- Abia: $3.8m
- Yobe: $3.4m
- Taraba: $3.1m
- Kogi: $2.9m
- Adamawa: $2.1m
- Ondo: $2.0m
- Niger: $1.9m
- Sokoto: $1.2m
- Jigawa: $1.2m
- Kebbi: $1.1m
- Zamfara: $554,100
- Bayelsa: $438,000
States with major repayments
Eleven states, including the Federal Capital Territory, reduced their debt through large repayments.
Lagos, Edo, Rivers, and Bauchi accounted for most of the $227 million decline.
Top five most indebted states
The DMO said Nigeria’s total public debt rose to N152.39 trillion in Q2 2025 from N149.38 trillion in Q1.
The top five indebted states owed N4.66 trillion combined.
- Lagos: N2.496 trillion
- N1.04 trillion domestic
- N1.456 trillion external (at N1,400/$)
- Kaduna: N1.507 trillion
- N585.72 billion domestic
- N922.18 billion external
- Rivers: N327.55 billion
- N74.05 billion domestic
- N253.5 billion external
- Delta: N232.16 billion
- N102.49 billion domestic
- N129.67 billion external
- FCT: About N101.4 billion after external debt repayments
