₦airaland Forum

Under Okpebholo, Edo debt rises, now Nigeria’s sixth most indebted state

Edo’s domestic debt has surged by N59.37 billion under Governor Monday Okpebholo, catapulting the state from 12th to sixth among Nigeria’s most indebted states in just 15 months.

Edo State’s domestic debt has risen sharply under Governor Monday Okpebholo, climbing from N113 billion at the end of 2024 to N172.37 billion by March 2026 and moving the state from 12th to sixth among Nigeria’s most indebted states, according to the latest data from the Debt Management Office (DMO).

The increase follows a period of declining debt in 2025, when Edo’s domestic debt fell from N113 billion in December 2024 to N76.13 billion by September 2025, before rising again to N91.18 billion at the end of the year.

The latest DMO Domestic Debt Data for the 36 states of the federation and the Federal Capital Territory shows that the debt increased by N81.19 billion between December 2025 and March 2026 alone.

That represents 89 per cent increase in just three months, placing Edo sixth in the domestic debt ranking by 31 March 2026.

Debt falls, then rises suddenly

When Mr Okpebholo assumed office, Edo’s domestic debt stood at N113 billion as of 31 December 2024, placing the state 12th among the 36 states and the FCT.

The debt subsequently declined in each of the first three quarters of 2025.

By 31 March 2025, it had fallen to N82.4 billion. It declined further to N80.32 billion by June and N76.13 billion by September.

But the improvement was reversed in the final quarter of the year.

By 31 December 2025, Edo’s domestic debt had risen to N91.18 billion.

The sharpest increase came in the first quarter of 2026, when the debt stock surged to N172.37 billion.

The latest figure means Edo’s domestic debt was N59.37 billion higher in March 2026 than the N113 billion recorded at the end of 2024.

It also means that the state moved six places upward in the DMO’s ranking of domestic indebtedness within about 15 months.

Fresh borrowing behind increase

Checks of Edo State’s budget performance reports show that the administration began obtaining loans in the third quarter of 2025, between July and September. During the quarter, the state obtained a N10.64 billion loan.

The borrowing increased substantially in the first quarter of 2026.

The First Quarter 2026 Budget Performance Report shows that between January and March, the Edo State Government obtained a N46.71 billion loan from commercial banks.

The N46.71 billion commercial bank borrowing represents more than half of the N81.19 billion increase in the state’s domestic debt stock between December 2025 and March 2026.

However, the figures also show that the increase in debt cannot be explained by the First Quarter commercial bank borrowing alone, leaving a significant portion of the movement requiring further explanation from the state government’s fiscal records.

The development places the financing of government expenditure under Mr Okpebholo under renewed scrutiny, particularly as the state takes on notably more domestic obligations.

N43.73bn spent on debt charges

The rising debt has also translated into huge debt-servicing obligations for the state. In 2025, Edo’s public debt charge stood at N43.73 billion.

Of this amount, N13.73 billion was paid as interest on foreign borrowing, while N7.33 billion went to interest on domestic loans.

The state also paid N5.75 billion as foreign loan principal and N16.92 billion as domestic loan principal.

In the first three months of 2026 alone, the government spent N12.79 billion on public debt charges, according to the First Quarter 2026 Budget Performance Report.

The January to March 2026 expenditure amounts to nearly 30 per cent of the total N43.73 billion spent on public debt charges in the whole of 2025.

This creates an important fiscal tension for the state: while borrowing can provide resources for infrastructure and other capital expenditure, debt service consumes funds that could otherwise be deployed for public services and development projects.

PREMIUM TIMES had reported that Mr Okpebholo’s administration reached N14.15 billion in extra-budgetary spending, raising questions about his administration’s fiscal discipline.

From 12th to sixth most indebted state

The shift in Edo’s position in the national debt ranking is perhaps the clearest indication of the scale of the change.

At the end of December 2024, Edo was the 12th most indebted state in the country by domestic debt, with N113 billion.

In Just 15 months, by March 2026, it had moved to sixth position with N172.37 billion.

The state’s debt stock now puts it among the six states with the highest domestic debt exposure in the country, according to the DMO’s latest published figures.

The movement is notable beyond the absolute amount owed, but because of the speed at which the debt stock increased after recording a substantial reduction in 2025.

The question for Edo’s fiscal managers will now be what the additional borrowing is financing, whether the funds are generating sufficient economic value to justify the obligations, and how the state intends to manage the resulting debt-service burden.

For taxpayers, the answer will be measured by whether the borrowing translates into durable infrastructure, stronger internally generated revenue and improved public services without placing an unsustainable burden on future budgets.

Source

12 years ago even with petrol subsidy, Peter Obi left ₦0 borrowing debt for Anambra and $150 million + ₦36 billion

Using today's exchange, that money is worth over ₦200 billion.

Today, no petrol subsidy and Nigerians are bearing the full brunt of the hardship, yet these people are still borrowing.

These figures are confusing me - Monday Okpebolo aka governor F9.

Wait for the APC minions to come justify the reckless borrowing.

Tinubu is borrowing to enrich governors yet illiterate governors like the Oshiomole imposed- Okpebholo are still accumulating staggering debts. Same thing with the Delta governor.

This is Tinubu govt doing well to these useless governors as they have enough to loot with no accountability or consequence.

Now, both the FG and these useless governors are mortgaging this nation to chronic financial indebted while asking the poor citizens they are taxing to death to cont to endure. God! It will never be well with all of them.

Inconclusive election results await Osun

That donki should be stoned

Opebolobo,,u see ur life? According to govr Adeleke

Omo this issue go long o haha

No wonder he's dropping verbal bullets all over the place.

They can never tell the masses what they do with the money
Quiz him now, he will tell you he is contributing to the coastal highway

Wicked things

Pdp
Power to the people

Apc
Broooooom brom broooom

Jonathan your political ambition is not worth the blood of any Nigerian
But the blood of Nigerians who have died under the leadership of apc will continue to hunt you even in your grave

What did people expect?
This is the direct result of the 'education doesn't matter in governance' mindset. Now Edo State has jumped six places to become the 6th most indebted state in just 15 months. We said qualification didn't matter, so now we have to learn the hard way through a broken economy.
When we ignore qualifications and precedent, allowing political bias to blindfold us, the citizens always pay the price the hard way.

Olodo Uprising!!!

The D7 governor that cant even read out the budget. APC really did the beautiful people of Edo state dirty on this one.

Olodo uprising...he can't govern a state successfully but he came to Osun to insult a happy and performing Governor Adeleke.

The man that can't even pronounce his budget figure how will he not lead Edo to indebtedness

Nothing wrong with borrowing if it addresses the acute infrastructure deficit. Many people have been conditioned to believing that borrowing is a sin and they wonder why the country lacks infrastructure or to believe that saving money in the midst of infrastructural decay & deficits is a badge of honour…….and we wonder why we remain a poor country!

The question an intelligent person asks is what was the borrowing used for?

The figures are confusing him,but when it comes to borrowing,he sure knows the figures. With he head like talking drum

Most states have that kind of debt, because most of them are broke.

The way out is to tax more of the gdp so as to reduce borrowing, but people would quote me to say poverty. And they will accuse me of not supporting their war against corruption (when it is basically also part of what the govrnment must do to reduce borrowing as well).

The problem is, we are using our poverty as an excuse to avoid taking hard decisions. Borrowing is happening because states are not taxing enough of the gdp, because most people are in the informal sector, and even if the governor did manage to tax everyone in the state that is taxable, it won't raise enough money.

So, the only option, apart from fighting corruption, is borrowing more. Nigeria needs money to guarantee good roads, and modern schools, hospitals, and so forth like the ones you see in saner climes, and they all cost money, so borrowing. And the funny thing is that the money edo state needs is probably far more than what it can borrow. I'm serious.

You see our issue.

Note that I did not say we must not fight corruption, or ignore corruption, and yes, I do not like the governor of edo state, e no fit to be governor, there are better people than him. BUt that is what the people wanted. You could have had an Akpata if you were not so wound up over governor must come from our side.

casualobserver:
Nothing wrong with borrowing if it addresses the acute infrastructure deficit. Many people have been conditioned to believing that borrowing is a sin and they wonder why the country lacks infrastructure or to believe that saving money in the midst of infrastructural decay & deficits is a badge of honour…….and we wonder why we remain a poor country!

The question an intelligent person asks is what was the borrowing used for?

Borrowing for infrastructure is fine in theory, but theory doesn't fix roads. The reality is that Edo's debt jumped by over N59 billion in just 15 months, yet there is absolutely nothing on the ground to show for it. Good governance isn't a secret, it is felt by the people. If the billions were actually going into acute deficits, the citizens wouldn't be wondering where the money went. Right now, the debt is visible, but the development is invisible

If citizens still voting for APC despite the way they are handling Nigeria"s economy, I think they deserve whatever suffering they might be going through.

Still surprising, people can still be fighting to install APC govt in Osun.

casualobserver:
Nothing wrong with borrowing if it addresses the acute infrastructure deficit. Many people have been conditioned to believing that borrowing is a sin and they wonder why the country lacks infrastructure or to believe that saving money in the midst of infrastructural decay & deficits is a badge of honour…….and we wonder why we remain a poor country!

The question an intelligent person asks is what was the borrowing used for?

Now that you've asked that intelligent question, we'll now wait for you to get the response

This is confusing me. How many Beyonce is that

njokuuche77:
There is nothing to show for such borrowing.

And what is your evidence for that because I hear and seen videos suggesting he is actually building roads and schools and just commissioned a 100mw power plant for the state.

The government’s media wing can talk about a 'SHINE Agenda' all they want, but the only thing shining in Edo right now is the ₦59 billion debt increase and the appointment of 4,800 political aides. You cannot claim you are borrowing for infrastructure when you are using commercial bank loans to fund a bloated government. If ₦46 billion was borrowed in just three months for real growth, the citizens would see it. Right now, the debt is real, but the development is just on paper.
I detest people like this.

Naustine:
Now that you've asked that intelligent question, we'll now wait for you to get the response

Some people are here to be “he de hots”. Some people n the time you took to type have done a Google search with a simple “okpbebolo projects”. Or simply asked AI to list his projects since coming to power.


But not everyone is intelligent.

casualobserver:
And what is your evidence for that because I hear and seen videos suggesting he is actually building roads and schools and just commissioned a 100mw power plant for the state.

There is a huge difference between a groundbreaking ceremony and a commissioning ceremony. Gov Okpebholo did not commission a 100MW power plant; he only performed a groundbreaking for a proposed project funded entirely by private Chinese investors (CCETC).
The governor himself admitted that 'Edo State does not have the money to invest in this power plant' and only traded land for a 10% stake.So if private investors are building the power plant, the question remains: What did the government do with the ₦59 billion domestic debt it added? Videos of caterpillars grading roads are standard PR. The actual reality on the ground for everyday citizens does not match the massive debt jump. We are looking for real economic value, not media hype

This what happens when an illiterate handle the helms of Govt affairs

givedemwotowoto:
Under Okpebholo, Edo debt rises, now Nigeria’s sixth most indebted state

Edo’s domestic debt has surged by N59.37 billion under Governor Monday Okpebholo, catapulting the state from 12th to sixth among Nigeria’s most indebted states in just 15 months.



Source

casualobserver:
Some people are here to be “he de hots”. Some people n the time you took to type have done a Google search with a simple “okpbebolo projects”. Or simply asked AI to list his projects since coming to power.


But not everyone is intelligent.

Oga! Progress is felt not explained. You wouldn't be needing ai to know if there is progress.. stop acting intelligent here .. you aren't intelligent but dubious

Estimated 2026 total debt ranking
Rank
State
Estimated 2026 debt
🥇 1
Lagos
₦3.20T
🥈 2
Kaduna
₦1.08T
🥉 3
Rivers
₦687B
4
Edo
₦659B
5
Ogun
₦593B
6
Bauchi
₦520B
7
Cross River
₦503B
8
Niger
₦379B
9
Delta
₦374B
10
Katsina
₦332B
11
Enugu
₦331B
12
Imo
₦277B
13
Adamawa
₦269B
14
Ekiti
₦264B
15
Kano
₦261B
16
Osun
₦244B
17
Oyo
₦223B
18
Abia
₦222B
19
Plateau
₦220B
20
Kogi
₦218B
21
Gombe
₦214B
22
Benue
₦210B
23
Sokoto
₦200B
24
Ebonyi
₦185B
25
Akwa Ibom
₦181B
26
Anambra
₦175B
27
Kwara
₦171B
28
Taraba
₦170B
29
Yobe
₦163B
30
Borno
₦157B
31
Bayelsa
₦144B
32
Ondo
₦142B
33
Kebbi
₦137B
34
Zamfara
₦129B
35
Nasarawa
₦125B
36
Jigawa
₦74B

givedemwotowoto:
12 years ago even with petrol subsidy, Peter Obi left ₦0 borrowing debt for Anambra and $150 million + ₦36 billion

Using today's exchange, that money is worth over ₦200 billion.

Today, no petrol subsidy and Nigerians are bearing the full brunt of the hardship, yet these people are still borrowing.

Stop lieing oga



Anambra's debt near the end of Peter Obi's tenure
The best comparable official figure is the Debt Management Office (DMO) position at 31 December 2013, about 2½ months before Obi left office:
Type of debt
Anambra
Domestic debt
₦3.03 billion
External debt
US$30.32 million
Total
Approximately ₦7.8 billion at the prevailing exchange rate


it would be inaccurate to say Obi simply "cleared all the debt." The domestic debt was dramatically reduced, while the external debt remained and actually increased somewhat.
There is also evidence that the reduction in Anambra's debt was helped by Paris/London Club debt relief, meaning not all of the reduction can necessarily be attributed to Obi personally paying the debt from state revenues. �

What about the famous ₦185 billion?
This is where the political argument becomes confusing.
In 2015, the Obiano administration said it inherited approximately ₦185bn in liabilities, mainly representing the total value of contracts/projects inherited from Obi's administration, not ₦185bn of conventional DMO-recorded public debt. �

And These 2 Foolish, Immature, Senseless Primitive Idiots Are Making Noise Around Saying That Edo is Shining

nairalanda1:
Most states have that kind of debt, because most of them are broke.

The way out is to tax more of the gdp so as to reduce borrowing, but people would quote me to say poverty. And they will accuse me of not supporting their war against corruption (when it is basically also part of what the govrnment must do to reduce borrowing as well).

The problem is, we are using our poverty as an excuse to avoid taking hard decisions. Borrowing is happening because states are not taxing enough of the gdp, because most people are in the informal sector, and even if the governor did manage to tax everyone in the state that is taxable, it won't raise enough money.

So, the only option, apart from fighting corruption, is borrowing more. Nigeria needs money to guarantee good roads, and modern schools, hospitals, and so forth like the ones you see in saner climes, and they all cost money, so borrowing. And the funny thing is that the money edo state needs is probably far more than what it can borrow. I'm serious.

You see our issue.

Note that I did not say we must not fight corruption, or ignore corruption, and yes, I do not like the governor of edo state, e no fit to be governor, there are better people than him. BUt that is what the people wanted. You could have had an Akpata if you were not so wound up over governor must come from our side.

Your last statement. Okpebolo was rigged in. Asue won. People wanted Asue.