IN DETAIL: 22 reduced debt, 14 borrowed more as states’ domestic debt increased by N392bn in one year
IN DETAIL: 22 reduced debt, 14 borrowed more as states’ domestic debt increased by N392bn in one year
The domestic debt stock of Nigeria’s 36 states and the federal capital territory (FCT) increased by N392.41 billion between December 2024 and December 2025, according to data from the Debt Management Office (DMO).
TheCable Index analysis shows that total subnational domestic debt rose from N3.97 trillion in December 2024 to N4.36 trillion in December 2025, reflecting a 9.89 percent increase within one year.
Despite the overall rise, 22 states recorded a reduction in their domestic debt, while 14 states and the FCT increased their debt profiles during the period under review.
STATES THAT REDUCED DOMESTIC DEBT
In a year marked by mixed fiscal outcomes, several states cut down their debt significantly.
Imo recorded the largest reduction, slashing its domestic debt by N42.40 billion, followed by Akwa Ibom (N37.35 billion) and Bayelsa (N31.34 billion).
Other notable declines include:
• Plateau: N26.59 billion
• Gombe: N22.04 billion
• Edo: N21.82 billion
• Abia: N17.67 billion
• Anambra: N17.13 billion
• Benue: N15.34 billion
• Adamawa: N14.21 billion
• Kogi: N13.63 billion
• Oyo: N12.49 billion
• Katsina: N11.57 billion
• Ekiti: N9.59 billion
• Sokoto: N8.02 billion
• Kano: N6.90 billion
• Ebonyi: N4.63 billion
• Ondo: N4.46 billion
• Osun: N3.99 billion
• Zamfara: N2 billion
• Kebbi: N509.07 million
• Nasarawa: N189.29 million
STATES THAT INCREASED DOMESTIC DEBT
On the other hand, 14 states and the FCT expanded their domestic debt portfolios, driving the overall increase recorded within the period.
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Lagos led the pack by a wide margin, adding N319.27 billion to its domestic debt stock.
The FCT followed with a N125.31 billion increase, while Kaduna recorded N58.88 billion.
Other major increases include:
• Delta: N49.26 billion
• Yobe: N38.94 billion
• Enugu: N38.32 billion
• Cross River: N19.22 billion
• Ogun: N15.61 billion
• Borno: N14.73 billion
• Rivers: N14.41 billion
• Bauchi: N12.10 billion
• Taraba: N4.12 billion
• Kwara: N3.91 billion
• Niger: N1.93 billion
• Jigawa: N270.77 million
SHARP RISES IN PERCENTAGE TERMS
In percentage terms, Kaduna recorded the steepest increase, with its domestic debt rising by 228.53 percent, followed by the FCT (197.15 percent) and Yobe (92.60 percent).
Other notable increases include:
• Borno: 52.75 percent
• Lagos: 35.47 percent
• Enugu: 32.12 percent
On April 15, DMO said Nigeria’s public debt rose to N159 trillion in 2025.
The debt office said the total domestic debt was N84.84 trillion ($59.11 billion), while the total external debt was N74.42 trillion ($51.85 billion).
