Nigerian states have trimmed their foreign debt stock by more than $200 million in the 2024 fiscal year, according to BudgIT’s latest State of States report. Despite this progress, Lagos remains the most indebted subnational government in foreign currency terms, accounting for over a quarter of the total states’ external debt. BudgIT’s data shows that Lagos, Enugu, and Gombe recorded the largest reductions in foreign debt, cutting $74.56 million, $33.39 million, and $21.88 million, respectively. Overall, 2024 fiscal year performance marks
Nigerian states have trimmed their foreign debt stock by more than $200 million in the 2024 fiscal year, according to BudgIT’s latest State of States report. Despite this progress, Lagos remains the most indebted subnational government in foreign currency terms, accounting for over a quarter of the total states’ external debt. BudgIT’s data shows that Lagos, Enugu, and Gombe recorded the largest reductions in foreign debt, cutting $74.56 million, $33.39 million, and $21.88 million, respectively. Overall, 2024 fiscal year performance marks