Nigeria’s state debt profile continues to indicate vast fiscal gaps, as new knowledge reveal that a number of states stay closely indebted each domestically and externally. Lagos state topped the listing with a complete debt inventory (each home and exterior) of N2.65 trillion (N1.04 trillion home and $1.05 billion exterior).
In response to the most recent figures from the Debt Administration Workplace (DMO), the mixed exterior debt inventory of all 36 states and the FCT stood at $4.81 billion as of June 2025, equal to about N11.32 trillion, utilizing an change price of N1,529.21 per greenback. The change price is calculated by Nairametrics Analysis from the whole public debt inventory launched by the DMO. Many of the exterior borrowings had been from multilateral and bilateral our bodies.
The home debt for states and the FCT additionally rose to N3.96 trillion ($2.59 billion) as of June 2025, marking a 2.48% enhance from N3.87 trillion ($2.52 billion) recorded as of March 2025. In the meantime, Nigeria’s whole exterior debt, together with that of the Federal Authorities, hit $46.98 billion throughout the identical interval.
Under is the listing of Nigerian States with the best whole debt inventory as of June 2025.
Prime 10 Most Indebted States by their whole debt
Imo State’s whole debt stood at about N262.64 billion in JUNE 2025. Of this, N97.98 billion represents home debt which dropped by a 19.75% from the N122.09 billion recorded in March 2025, displaying progress in native debt discount.
Nevertheless, the state’s exterior debt stays important at $107.67 million (N164.65 billion), forming a big chunk of its whole liabilities.
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