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Top 5 Nigerian States With The Highest External Debt 2022

Top 5 Nigerian States With The Highest External Debt 2022

Top 5 Nigerian States With The Highest External Debt 2022

Top 5 Nigerian States With The Highest External Debt 2022

The Nigerian economy has been nose-diving as inflation is already at a 19% plus and likely to increase. The cost of living is skyrocketing and this is telling on the citizens.

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As of December 2021, the states with the highest external debts were Lagos, Kaduna, Cross River, Edo, and Rivers.

1. Lagos

Nigeria’s commercial capital, Lagos State, had the highest level of external debt as of December 2016. Data from the Debt Management Office show that the state’s debt decreased from $1.40 billion in December 2020 to $1.33 billion in December 2021. From $1.21 billion in December 2015 to $1.47 billion in December 2017, its external debt increased.

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2. Kaduna

As of December 2021, Kaduna State had the second-highest external debt. Its foreign debt increased from $554.78 million in December 2020 and $222.88 million in December 2016 to $567.48 million at the end of the previous year.

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3. Cross River

In December 2021, Cross River State owed $279.7 million to foreign creditors. From $209 million in December 2019 to $192.5 million in December 2020, its external debt had decreased. In December 2016, it was $115 million.

4. Edo

In December 2021, Edo State reduced its external debt from $280.3 million to $276.3 million. In December 2015, their foreign debt was $168.2 million.

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5. Rivers

The external debt of River State increased from $96.7 million in December 2020 to $147.8 million in December 2021. In December 2015, the state owed $46.7 million to foreign creditors.


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I Am a financial analyst, Entrepreneur, Blogger and Business model. With 15 years' Consultancy Experience.

IBEH C. JOE

I Am a financial analyst, Entrepreneur, Blogger and Business model. With 15 years' Consultancy Experience.

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