External Debt: Osun Emerges Top 3 States With Reduced External Debt

reduced debt figure by $14.6M in 18 months

A recent data released by the Debt Management Office (DMO) on the details of external debts owed by the 36 states and FCT has shown how the sub-nationals increased and decreased their external debts between June 2023 and December 2024.

Despite the much talked about increase in federal allocation to the states of the federation, a total of 20 states have increased their external debts in the period under review, while 16 states and the FCT have reduced their external debts within the same period.

Edo, Rivers, Ogun, Kaduna and Katsina states top the list of states with increased external debts while Zamfara, Plateau, Nasarawa, Niger and Kwara states recorded the least increment. Other states with increased external debts include; Cross River, Ebonyi, Ekiti, Borno, Kano, Bauchi, Sokoto, Kebbi, Abia, and Taraba.

Meanwhile, Lagos ($94M), Enugu ($33.6) and Osun State ($14.6M) leads as 16 states and the FCT reduced their external debt figure between June 2023 and December 2024. Other states are Oyo, Akwa Ibom, Ondo, FCT, Benue, Gombe, Bayelsa, Adamawa, Jigawa, Delta, while Yobe, Kogi and Anambra states recorded the least increment figure.