Jigawa, Ondo, Anambra Top Nigeria's States with Lowest Debt-to-IGR Ratios 2025

Jigawa, Ondo and Anambra recorded the lowest debt-to-IGR ratios in Nigeria for 2025, with Jigawa leading at just 2.40%, Ondo at 13.95% and Anambra at 20.25%, according to Nairametrics Research analysis. The ratio compares a state’s total debt stock to its internally generated revenue, where a lower percentage indicates stronger fiscal health and greater ability to service debt without relying heavily on federal allocations.

At the other end, Yobe recorded the highest ratio at 506.02%, meaning its debt exceeds five times its annual IGR, followed by Benue (362.68%), Taraba (303.65%) and Bauchi (295.61%). Lagos, despite having the nation’s largest IGR at N1.769 trillion, posted a debt-to-IGR ratio of 68.93% due to a debt stock of N1.219 trillion, showing that a large revenue base can sustain higher nominal debt.

The figures highlight stark fiscal disparities: states like Jigawa maintain modest debt while generating solid revenue, giving them flexibility for infrastructure or social spending, whereas high‑ratio states face strain on budgets and may need to boost IGR or restructure debt. For investors, businesses or residents, a state’s debt-to‑IGR ratio signals its capacity to fund projects, pay salaries and respond to emergencies without excessive borrowing.

What should you consider when evaluating a state’s fiscal outlook? Look at both the debt‑to‑IGR ratio and the trend over time, as improving ratios often reflect stronger revenue collection and prudent borrowing.

SOURCE: https://nairametrics.com/2026/09/29/jigawa-ondo-anambra-record-lowest-debt-to-igr-ratios-in-2025/