Ekiti’s External Debt Rises by 30.1%: State’s Borrowing Increases by $31.1 Million

According to data from Statisense, Ekiti State’s external debt has increased by 30.1% in the last 18 months, from June 2023 to December 2024, with a total value of $31.1 million.

This puts Ekiti State at number 8 on the list of 20 states that grew their external debt during the period. While Ekiti’s debt increase is notable, some states have fared worse, with Borno State’s debt rising by a staggering 153.2%, and Rivers State’s debt increasing by 137.7%.

On the other hand, some states have managed to reduce their external debt, with Lagos State leading the pack by reducing its debt by $94 million, representing a 7.4% decrease. Other states that reduced their debt include Enugu, Osun, and Oyo, which decreased their debts by $33.6 million, $14.6 million, and $11.2 million, respectively.

The data highlights the growing debt burden of some states in Nigeria, with Ekiti State being one of them, while also showcasing the fiscal prudence of others.