Nigeria's Subnational Debt: Ekiti Among Least Indebted States

In 2025, Nigeria's total subnational debt increased by 9.89% year-on-year, reaching ₦4.36 trillion, up from ₦3.97 trillion in 2024. However, ten states managed to maintain low debt levels, showcasing a pattern of fiscal restraint that contrasts with the broader national trajectory.

These ten states collectively accounted for ₦204.80 billion, representing just 4.70% of the total subnational debt stock, highlighting the concentration of Nigeria's borrowing among a small number of states. Ekiti emerged as the tenth least indebted state, with a domestic debt stock of ₦43.94 billion in 2025, which constitutes 1.01% of the total subnational debt figure.

This amount marks a significant 17.92% decline from the ₦53.53 billion recorded in 2024, reflecting sustained debt repayment and reduced borrowing activities during the year, as reported by the Debt Management Office (DMO).