Nigeria's Subnational Debt Concentrated in Few States

Nigeria's subnational debt reached N4 trillion by September 2025, up from N3.96 trillion in June 2025, indicating new borrowings slightly outpaced repayments. A large share of this debt is concentrated in just five states: Lagos, Rivers, Delta, Enugu, and Ogun, which together owe nearly N2.04 trillion, roughly half the total debt stock. Lagos alone accounts for 26.13% of the total debt, making it the most indebted state. The top 10 most indebted states include Lagos (N1.046 trillion), Rivers (N381.21 billion), Delta (N247.17 billion), Enugu (N194.72 billion), and Ogun (N168.09 billion). Akwa Ibom's debt dropped to N95.51 billion, down 9.75% from June 2025, suggesting progress in repayments or reduced borrowing.

SOURCE: https://nairametrics.com/2026/02/24/most-indebted-nigerian-states-as-of-september-2025/