₦airaland Forum

Despite a marginal 4.89% year-on-year (YoY) decline in total subnational debt, Nigeria’s 10 most indebted states saw their combined debt rise by 2.49% YoY in Q1 2025, reaching N2.48 trillion, up from N2.42 trillion in Q1 2024.

The debts of these states combined now account for 64.05% of the country’s total subnational debt.

The debt profile of Nigerian states has seen significant shifts in Q1 2025, with Lagos maintaining its position as the most indebted state despite a year-on-year (YoY) decline.

Meanwhile, states like Rivers, Enugu, and Niger recorded staggering increases in their debt burdens.

The latest data released by Debt Management Office (DMO) shows a reshuffling in Nigeria’s subnational debt landscape, driven by a blend of fiscal constraints, infrastructure ambitions, oil revenue shifts, and tighter federal allocations.

This analysis explores the debt trends of the top 10 states and the key factors driving their year-on-year changes.

The 10 most indebted Nigerian states in Q1 2025
10. Akwa Ibom – N118.21 billion
9. Imo – N122.09 billion
8. Benue – N129.82 billion
7. Bauchi – N142.40 billion
6. Niger – N143.75 billion
5. Enugu – N188.42 billion
4. Ogun – N190.14 billion
3. Delta – N204.72 billion
2. Rivers – N364.39 billion
1. Lagos – N874.04 billion

ELsmile:
Despite a marginal 4.89% year-on-year (YoY) decline in total subnational debt, Nigeria’s 10 most indebted states saw their combined debt rise by 2.49% YoY in Q1 2025, reaching N2.48 trillion, up from N2.42 trillion in Q1 2024.

The debts of these states combined now account for 64.05% of the country’s total subnational debt.

The debt profile of Nigerian states has seen significant shifts in Q1 2025, with Lagos maintaining its position as the most indebted state despite a year-on-year (YoY) decline.

Meanwhile, states like Rivers, Enugu, and Niger recorded staggering increases in their debt burdens.

The latest data released by Debt Management Office (DMO) shows a reshuffling in Nigeria’s subnational debt landscape, driven by a blend of fiscal constraints, infrastructure ambitions, oil revenue shifts, and tighter federal allocations.

This analysis explores the debt trends of the top 10 states and the key factors driving their year-on-year changes.

The 10 most indebted Nigerian states in Q1 2025
10. Akwa Ibom – N118.21 billion
9. Imo – N122.09 billion
8. Benue – N129.82 billion
7. Bauchi – N142.40 billion
6. Niger – N143.75 billion
5. Enugu – N188.42 billion
4. Ogun – N190.14 billion
3. Delta – N204.72 billion
2. Rivers – N364.39 billion
1. Lagos – N874.04 billion

gmo10:
Even after fuel subsidy remove and a high increase in federal allocation. High time we all focus more of our attention on the state governors.
Op where's your source

gmo10:
Even after fuel subsidy remove and a high increase in federal allocation. High time we all focus more of our attention on the state governors.
Op where's your source

Judolisco:
Here are the 10 most indebted countries in the world
🔍 Summary Table

Rank Country Approx. Total Public Debt

1 United States ~$33 trillion
2 China ~$15 trillion
3 Japan ~$10 trillion
4 United Kingdom Mid‑trillions
5 France Mid‑trillions
6 Germany Mid‑trillions
7 Brazil Multi‑trillion
8 India Multi‑trillion
9 Mexico Multi‑trillion
10 Egypt Multi‑trillion

gmo10:
Even after fuel subsidy remove and a high increase in federal allocation. High time we all focus more of our attention on the state governors.
Op where's your source

telleyway:
Look at what insensitive governance is costing us. Funny enough, most of these debts were collected in dollars and continue to increase as dollar is going high.
The present governor of Benue has never taken any loan since assuming office but look at where the careless spending of his predecessors put the state.

RevenuesBoost:
Some come into governance and inherit the loans.

I thought I would see my state

Judolisco:
Here are the 10 most indebted countries in the world
🔍 Summary Table

Rank Country Approx. Total Public Debt

1 United States ~$33 trillion
2 China ~$15 trillion
3 Japan ~$10 trillion
4 United Kingdom Mid‑trillions
5 France Mid‑trillions
6 Germany Mid‑trillions
7 Brazil Multi‑trillion
8 India Multi‑trillion
9 Mexico Multi‑trillion
10 Egypt Multi‑trillion

rinzaugustine:
APC states for sure because they believe in throwing money at problems instead of practical solutions like Mr. Peter Obi proffers

ELsmile:
Despite a marginal 4.89% year-on-year (YoY) decline in total subnational debt, Nigeria’s 10 most indebted states saw their combined debt rise by 2.49% YoY in Q1 2025, reaching N2.48 trillion, up from N2.42 trillion in Q1 2024.

The debts of these states combined now account for 64.05% of the country’s total subnational debt.

The debt profile of Nigerian states has seen significant shifts in Q1 2025, with Lagos maintaining its position as the most indebted state despite a year-on-year (YoY) decline.

Meanwhile, states like Rivers, Enugu, and Niger recorded staggering increases in their debt burdens.

The latest data released by Debt Management Office (DMO) shows a reshuffling in Nigeria’s subnational debt landscape, driven by a blend of fiscal constraints, infrastructure ambitions, oil revenue shifts, and tighter federal allocations.

This analysis explores the debt trends of the top 10 states and the key factors driving their year-on-year changes.

The 10 most indebted Nigerian states in Q1 2025
10. Akwa Ibom – N118.21 billion
9. Imo – N122.09 billion
8. Benue – N129.82 billion
7. Bauchi – N142.40 billion
6. Niger – N143.75 billion
5. Enugu – N188.42 billion
4. Ogun – N190.14 billion
3. Delta – N204.72 billion
2. Rivers – N364.39 billion
1. Lagos – N874.04 billion
https://nairametrics.com/2025/07/31/top-10-most-indebted-nigerian-states-as-of-q1-2025/

Dogalmighty17:
What did Benue use the loans for? Nothing is developed in that state

Dogalmighty17:
What did Benue use the loans for? Nothing is developed in that state