External debt owed by 32 states and the Federal Capital Territory rose by about 944 million dollars in 2025, according to data from the Debt Management Office. The figures show continued growth in subnational foreign borrowing across the country.
Total external debt stock for the states and the FCT increased from 4.80 billion dollars in 2024 to 5.68 billion dollars in 2025, representing an 18.43 percent rise. The report indicates that 33 of 37 subnational entities recorded increases during the period.
The data shows that multilateral loans accounted for over 92 percent of the total, while bilateral loans made up the remainder. Katsina, Niger, Kogi and Plateau recorded some of the highest increases in dollar terms, while only four states reduced their external debt.
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Those states are Edo, Rivers, Anambra and Bayelsa, which together cut their debt by 59.46 million dollars, partly offsetting the overall increase. Lagos remained the most indebted state with 1.17 billion dollars in external debt.
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