According to the Debt Manage Management Office (DMO) Nigeria’s debt stock has hit about $41.77 billion as of March 2022.
A good number of these debts are external borrowings by states in Nigeria which contribute a large chunk of the total debt stocks.
Of the total external debt stock, Lagos State, Kaduna and Cross River are the leading states in Nigeria. As of December 2021, the states with the highest external debts were Lagos, Kaduna, Cross River, Edo, and Rivers.
Lagos: $1.33 billion
The nation’s commercial centre has the most external debt of March 2022, according to a document obtained by Legit.ng The state owes $1.33 billion as of December 2021, down from $1.40 billion it had in December 2020, DMO’s data states. The state’s external debt increased to $1.47 billion in December 2017 from 1.21 billion in December 2015, according to a report by BusinessDay.
Kaduna: $567.48 million.
Kaduna has the second-highest foreign debt as of December 2021. The state’s foreign debt increased to 567.48 million by the end of 2021 from $554.78 million at the end of last year from $554.78 in December 2020 and $222.88 million in 2016.
Cross River: 279.7 million
Cross River State had an external debt of $279.7 million in December 2021. Its external debt had fallen to $192.5 million in December 2020 from $209 million in December 2019. It stood at $115 million in December 2016.
Edo: $276.3 million
Edo State brought down its external debt to $276.3 million in December 2021 from $280.3 million in the year before. Its external debt stood at $168.2 million as of December 2015. Rivers: 147.8 million River State saw its external debt skyrocket 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. Lagos, Ogun top List of highest indebted states in Nigeria, taking total domestic debts to N4.46 Trillion.