Regardless of a marginal 4.89% year-on-year (YoY) decline in whole subnational debt, Nigeria’s 10 most indebted states noticed their mixed debt rise by 2.49% YoY in Q1 2025, reaching N2.48 trillion, up from N2.42 trillion in Q1 2024.
The money owed of those states mixed now account for 64.05% of the nation’s whole subnational debt.
The debt profile of Nigerian states has seen vital shifts in Q1 2025, with Lagos sustaining its place as essentially the most indebted state regardless of a year-on-year (YoY) decline.
In the meantime, states like Rivers, Enugu, and Niger recorded staggering will increase of their debt burdens.
The most recent information launched by Debt Administration Workplace (DMO) reveals a reshuffling in Nigeria’s subnational debt panorama, pushed by a mix of fiscal constraints, infrastructure ambitions, oil income shifts, and tighter federal allocations.
This evaluation explores the debt traits of the highest 10 states and the important thing elements driving their year-on-year modifications.
