Nigeria's State Debt Profile Reveals Wide Fiscal Gaps in June 2025

The latest data on Nigeria's state debt profile as of June 2025 indicates a significant fiscal gap, with Lagos State topping the list with a total debt stock of N2.65 trillion. The Debt Management Office (DMO) reported that the combined external debt stock of the 36 states and the FCT stood at $4.81 billion or N11.32 trillion at an exchange rate of N1529.21 per dollar.

While Imo State's total debt stood at N262.64 billion, showing a drop in domestic debt, the external debt for the state remained significant at N164.65 billion. Overall, Nigeria's total external debt, including the federal government, reached $46.98 billion during the period.