Nigeria's 26 States Increase External Debt Stock by $239 Million in First Half of 2025

In the first half of 2025, Nigeria's 26 states collectively increased their external debt stock by $239 million, as reported by the Debt Management Office (DMO). Imo State saw the largest increase of $36.2 million, followed by Oyo, Kaduna, Enugu, and Ogun.

Despite some states contributing significantly to the rise, aggressive repayments by high-debt states like Lagos, Edo, Rivers, and Bauchi helped reduce the country's total external debt stock. The top five most indebted states collectively owe staggering amounts totaling $4.66 trillion.