According to recent data from the Debt Management Office (DMO), Nigeria’s external debt has surged to a historic high of $42 billion as of June 2024.
The report highlights that the 36 states and the Federal Capital Territory (FCT) collectively hold 11% of the nation's total external debt. Lagos State tops the list with external debts amounting to $1.2 billion, followed by Kaduna State at $640.99 million.
The rising debt levels raise concerns about fiscal sustainability and highlight the ongoing financial challenges facing both federal and state governments in Nigeria.
Nigeria’s external debt is now $42 billion as of June 2024. Data from the Debt Management Office (DMO) shows that the 36 states, including the Federal Capital Territory, account for 11% of the loans, at $4.89 billion, and the federal government’s debt is $38 billion.
The country’s multilateral debt is $17.13 billion, while bilateral debt, including those from China EXIM Bank, Jika, KWF, IsDB, and AFD, is $5.49 billion.