List of Nigerian States With Highest Foreign Debt Profile

The Debt Management Office (DMO) recently disclosed the total external debt stock of the 36 states and the Federal Capital Territory (FCT) reached $4.61 billion by December 31, 2023, from $4.46 billion recorded in the previous year.

In one year, the foreign debt of the 36 states and the FCT increased marginally by about 3.36% or $150 million. Below are the top 10 Nigerian states with the highest foreign debt stock as of December 31, 2023:

Anambra State
At the bottom of the top 10 list, Anambra State held an external debt of $107.24 million in 2023, a slight increase from its $103.82 million debt in 2022. Despite this uptick, Anambra’s debt management remains relatively stable.

Kano State
Kano State’s external debt rose to $107.92 million in 2023, up from the previous year’s $100.67 million, showing an increase of 7.2%.

Enugu State
Enugu, known for its coal reserves, showed a marginal reduction in its external debt, from $120.86 million in 2022 to $120.45 million in 2023. The slight decrease suggests a positive trend in the state’s debt management.

Ekiti State
Ekiti State’s debt profile reflects a considerable hike. Its external debt was $121.05 million in 2023, notably higher than the $105.59 million recorded in 2022.

Ogun State
Ogun State, adjacent to the economic hub of Lagos, showed an external debt figure of $168.83 million in 2023, up from $136.26 million in 2022. The state’s strategic positioning could help it leverage investment to service its debts.

Bauchi State
With an external debt of $187.63 million in 2023, Bauchi State saw an increase from $165.78 million the previous year. The rise in debt underscores the need for enhanced revenue streams.

Cross River State
Cross River, with its tourism potential, recorded a slight increase in external debt to $211.13 million in 2023 from $209.53 million in 2022.

Edo State
Edo State’s external debt jumped to $314.45 million in 2023 from $261.15 million in 2022. Despite its rich cultural heritage and natural resources, this is a substantial increase for the state.

Kaduna State
Kaduna State has an external debt of $587.07 million in 2023, climbing from $573.74 million in the previous year.

Lagos State
Topping the list, Lagos State, Nigeria’s commercial nerve centre, had the highest external debt at $1.24 billion in 2023. However, this figure is slightly less than the $1.25 billion in 2022. The slight decline is likely due to a dependance on more domestic debt, which is about N1.05 trillion.