Cross River State’s foreign debt rises to $201.5M, a 31.5% increase, while domestic debt drops to N147B, according to DMO data for June 2025

The foreign debt profile of Cross River State has increased from $153.2 million to $201.5 million between June 30, 2023, and June 30, 2025 a rise of about 31.5 per cent.

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Data from the Debt Management Office (DMO) shows that the state simultaneously recorded a 27.8 per cent reduction in domestic debt, which fell from N204 billion in June 2023 to N147 billion as of June 2025.

The DMO report ranked Cross River fifth among states in foreign debt after Lagos, Ogun, Kaduna, and Edo, and sixth in domestic debt behind Lagos, Ogun, Delta, Rivers, and Enugu.

Overall, the total foreign debt of Nigeria’s 36 states and the Federal Capital Territory (FCT) stood at $4.8 billion, while combined domestic debt amounted to N3.9 trillion as of June 30, 2025.

Cross River’s external loans are sourced from multilateral and bilateral creditors, including China Exim Bank, Japan International Cooperation Agency (JICA), India, KfW, Islamic Development Bank (IsDB), and Agence Française de Développement (AFD).

The report further revealed that the state owed $168 million in multilateral debt and $33.2 million in bilateral obligations as of June 30, 2025.

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This data reflects Cross River State’s strategic approach to managing domestic obligations while relying on foreign loans to support infrastructure and developmental projects.