10.8.2026
The Federal Capital Territory, Rivers and Lagos states accounted for more than 43 per cent of total debts owed by all 36 states in the first quarter of 2026, according to data released by the Debt Management Office.
The Domestic Debt Data Report published on the DMO’s website on June 30 showed that the total debt amounted to N4.5 trillion as of March 31, with Lagos, Rivers and Abuja, which are Nigeria’s largest economies, accounting for N1.96 trillion.
The remaining states accounted for nearly 56.8 per cent of the domestic debt stock.
While Rivers and some other states recorded declines in their debt profiles, Lagos, Abuja and several other states recorded increases, reflecting changes in their borrowing positions.
Of the total debt, Lagos—Nigeria’s commercial and most populous city—retained its position as the top borrower, at more than N1.2 trillion, representing 26.64 per cent. The figure declined by 1.18 per cent from N1.219 trillion recorded in December 2025.
Abuja accounted for N389 billion (8.62 per cent), a 106.43 per cent increase from N188 billion recorded in December 2025.
For Rivers, Nigeria’s oil-rich state, the debt stock stood at N362.4 billion (8.01 per cent) as of March 2026, a 4.32 per cent decline from N378 billion in the preceding quarter.
Following closely after Rivers is Delta State, with N213 billion in debt and Ogun State with N200 billion.
Recording the lowest debts are Jigawa with N1.6 billion, followed by Ondo at N7.31 billion, Anambra at N9.62 billion; and Katsina and Ebonyi recording N12 billion each.
The latest domestic debt stock rose to N4.523trillion from N4.360 trillion recorded in the last quarter of 2025, representing a 3.61 per cent increase. NAN
