BusinessDay

Nigerian states with highest external debt

As of December 2021, the states with the highest external debts were Lagos, Kaduna, Cross River, Edo, and Rivers.

Lagos

Lagos State, Nigeria’s commercial hub, had the most external debt as of December last year.

The state owed $1.33 billion in December 2021, down from $1.40 billion in December 2020, according to data from the Debt Management Office. Its external debt rose to $1.47 billion in December 2017 from $1.21 billion in December 2015.

Kaduna

Kaduna State had the second highest external debt as of December 2021. Its foreign debt rose to $567.48 million at the end of last year from $554.78 million in December 2020 and $222.88 million in December 2016.

Read also: Petrol subsidy nears N6.7trn as debt service exceeds revenue

Cross River

Cross River State had an external debt of $279.7 million in December 2021.

Its external debt had dropped to $192.5 million in December 2020 from $209 million in December 2019. It stood at $115 million in December 2016.

Edo

Edo State trimmed its external debt to $276.3 million in December 2021 from $280.3 million in the previous year. Its foreign debt stood at $168.2 million in December 2015.

Rivers

River State saw its external debt jump to $147.8 million in December 2021 from $96.7 million in December 2020.

The state’s external debt stood at $46.9 million in December 2015.

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