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TOP 10 MOST INDEBTED STATES IN NIGERIA AS OF Q1 2025
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
