The Debt Management Office recently revealed that the total external debt stock of the 36 states and the Federal Capital Territory reached $4.61 billion by December 31, 2023, up from $4.46 billion recorded in the previous year.
Over the span of one year, the foreign debt of the 36 states and the FCT saw a marginal increase of about 3.36% or $150 million. Here are the top 10 Nigerian states with the highest foreign debt stock as of December 31, 2023:
Anambra State:
Ranked at the bottom of the top 10 list, Anambra State saw its external debt increase slightly to $107.24 million in 2023, up from $103.82 million in 2022. Despite this uptick, Anambra’s debt management remains relatively stable.
Kano State:
Kano State experienced an increase in its external debt to $107.92 million in 2023, up from $100.67 million in the previous year, marking a 7.2% rise.
Enugu State:
Enugu State, known for its coal reserves, witnessed a marginal reduction in its external debt from $120.86 million in 2022 to $120.45 million in 2023. This slight decrease suggests a positive trend in the state’s debt management.
Ekiti State:
Ekiti State saw a significant hike in its debt profile, with its external debt reaching $121.05 million in 2023, notably higher than the $105.59 million recorded in 2022.
Ogun State:
Adjacent to the economic hub of Lagos, Ogun State reported an external debt figure of $168.83 million in 2023, up from $136.26 million in 2022. The state’s strategic positioning could facilitate leveraging investments to service its debts.
Bauchi State:
Bauchi State witnessed an increase in its external debt to $187.63 million in 2023, up from $165.78 million the previous year, highlighting the need for enhanced revenue streams.
Cross River State:
Cross River State, with its tourism potential, experienced 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 surged to $314.45 million in 2023 from $261.15 million in 2022. Despite its rich cultural heritage and natural resources, this represents a substantial increase for the state.
Kaduna State:
Kaduna State reported 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 center, had the highest external debt at $1.24 billion in 2023. However, this figure is slightly lower than the $1.25 billion recorded in 2022. The slight decline is likely attributed to a reliance on more domestic debt, which stands at about N1.05 trillion.
These figures reflect each state’s external debt status as of December 31, 2023, with Anambra State having the lowest external debt and Lagos State having the highest.
