Most indebted Nigerian states as of September 2025

IronHeadMiner · 2026-02-28T02:48:11+00:00

As of September 2025, Nigeria's subnational debt reached N4 trillion, with significant concentration in states like Lagos, Rivers, and Delta, accounting for nearly half. Lagos alone holds 26.13% of the total, while Akwa Ibom reduced its debt.

IronHeadMiner

2026-02-28 02:48:11

Abstract generation in progress

Subnational debt had become concentrated in just a handful of states, with a few of them carrying a far larger share of the country’s total subnational borrowing than the rest, as of September 2025.

Latest data from the Debt Management Office (DMO) show that the combined domestic debt of Nigeria’s 36 states and the FCT reached N4.00 trillion by September 2025, slightly higher than the N3.96 trillion recorded in June.

The marginal 0.98% rise suggests that fresh borrowings slightly outpaced the repayments in the period under review.

MoreStories

Finance and insurance sector grows by 14.54% in 2025 – NBS

February 27, 2026

Nigeria’s GDP rate grew by 4.07% in Q4 2025

February 27, 2026

The report also revealed that a large share of subnational debt is concentrated in just a handful of states Lagos, Rivers, Delta, Enugu, and Ogun, which together owe nearly N2.04 trillion, roughly half of the entire N4 trillion debt stock.

Lagos stands far ahead of every other state, making up 26.13% of the total debt, more than a quarter of the total debt.

This is not far-fetched, considering the size, scale and demand of running the city.

_Top 10 most indebted states in Nigeria – September 2025 _

Jump to section

10. Akwa Ibom – N95.51 billion****

1. ** Akwa Ibom – N95.51 billion**
1. ** Benue –N107.25 billion**
1. ** Cross River – N141.94 billion**
1. ** Niger – N143.50 billion **
1. ** Bauchi – N158.20 billion**
1. ** Ogun – N168.09 billion**
1. ** Enugu – N194.72 billion**
1. ** Delta – N247.17 billion**
1. ** Rivers – N381.21 billion**
1. ** Lagos –N1.046trillion **

Akwa Ibom’s debt stock dropped to N95.51 billion, down from N105.82 billion in June 2025, a reduction of about 9.75%.

This means the state now makes up just 2.39% of the country’s total debt, suggesting that it either slowed down new borrowing or made meaningful progress with repayments during the quarter.

Jump to section

10. Akwa Ibom – N95.51 billion****

1. ** Akwa Ibom – N95.51 billion**
1. ** Benue –N107.25 billion**
1. ** Cross River – N141.94 billion**
1. ** Niger – N143.50 billion **
1. ** Bauchi – N158.20 billion**
1. ** Ogun – N168.09 billion**
1. ** Enugu – N194.72 billion**
1. ** Delta – N247.17 billion**
1. ** Rivers – N381.21 billion**
1. ** Lagos –N1.046trillion **

Page 10 of 10

Previous 10987654321 Next

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.