Nigeria's Domestic Debt Reaches ₦4 Trillion by Sept 2025

As of September 2025, Nigeria's combined domestic debt across its 36 states and the Federal Capital Territory (FCT) reached ₦4.00 trillion, showing a slight increase from ₦3.96 trillion recorded in June 2025. This 0.98% rise indicates that new borrowing has slightly outpaced repayments during the review period.

A significant portion of this subnational debt is concentrated in a few states, notably Lagos, River Delta, Enugu, and Ogun, which together account for nearly ₦2.04 trillion, approximately half of the total debt stock. Lagos stands out with a total debt of ₦1.04 trillion, representing 26.13% of the overall debt.

In contrast, Akwa Ibom's debt stock decreased from ₦105.82 billion in June 2025 to ₦95.51 billion, marking a reduction of 9.75%, suggesting a slowdown in new borrowing and progress in repayment during the quarter.