Tinubu’s $7.8 Billion And €100 Million Plea Pushes Foreign Debt Beyond $51 Billion

LATEST: Lagos Tops List Of Highly Indebted States In Nigeria

by Victor Ndubuisi

Lagos State is the most indebted state in Nigeria, according to data supplied by the Debt Management Office (DMO).

Out of the N5. 281 trillion in subnational debt owed as of June 30, 2022, the Lagos State government is the most indebted state, owing N797. 304 billion.

With N378. 878 billion, N241. 782 billion, and N225. 505 billion, respectively, Delta, Ogun, and Rivers State were listed after Lagos.

BREAKING: Nigeria’s Debt Hits N42.8 Trillion

Imo had a debt of N210. 394 billion, Akwa Ibom had a debt of N203. 951 billion, Cross River had a debt of N176. 086 billion, Oyo had a debt of N159. 906 billion, Ogun had a debt of N150. 529 billion, Bayelsa had a debt of N150. 430 billion, Plateau had a debt of N144. 608 billion, Benue had a debt of N143 . 547 billion Bauchi, N129. 207 billion; Kano N125. 186 billion; and Gombe N 123. 608 billion.


Jigawa had the least debt of N 45. 135 billion, followed by Ebonyi and Kebbi with N59. 171 billion and N60. 417 billion, respectively.

The rest states and their indebtedness were: Ondo, N62. 270 billion; Kastina N66. 675 billion; Anambra N72. 429 billion; Nassarawa, N72. 965 billion; Kaduna N78. 194 billion; Sokoto N89. 920 billion; Taraba N 90. 807 billion; and Yobe with N 96. 624 billion.

The rest were: Abia, N 107. 612 billion; Borno, N102. 496 billion; Edo, N112. 118 billion; Ekiti, 119. 543 billion; Enugu, N89. 887 billion; Kano, N125. 186 billion; Kogi N 90. 538 billion; Kwara N 110. 512; and Niger with n 80. 919 billion, while the Federal Capital Territory owed N N75. 783 billion.

LATEST: See Nigeria’s Current Public Debt Profile As Released By NBS

The DMO revealed that Nigeria’s Public debt rose to N42.84 trillion (USD103.31 billion) as at June 30, 2022.

The amount reflected a N1.24 trillion rise over the debt stock at the end of the first quarter of the year, which was N41.60 trillion ($200.07 billion), according to figures from the Office.

As of June 30, 2022, the total external debt stock was USD40.06 billion (N16.61 trillion), roughly equal to the amount as of March 31, 2022, which was USD39.96 billion (N16.61 trillion).


According to the DMO, “Over fifty-eight percent (58%) of the External Debt Stock are concessional and semi-concessional loans from multilateral lenders such as the World Bank, International Monetary Fund, Afrexim and African Development Bank and bilateral lenders including Germany, China, Japan, India and France.

“The Total Domestic Debt Stock as at June 30, 2022, was N26.23 trillion (USD63.24 billion) due to New Borrowings by the FGN to part-finance the deficit in the 2022 Appropriation (Repeal and Enactment) Act, as well as New Borrowings by State Governments and the FCT.

In Six Years, Buhari Have Increased National Debt From N12trn To N33trn – Moghalu


“The Total Public Debt to GDP as at June 30, 2022, was 23.06% compared to the ratio of 23.27% as at March 30, 2022, and remains within Nigeria’s self-imposed limit of 40%. While the FGN continues to implement revenue-generating initiatives in the non-oil sector and block leakages in the oil sector, Debt Service-to-Revenue Ratio remains high.”


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