Eleven States Borrow N373.06 Billion in Nine Months

In a nine-month period from December 2024 to September 2025, eleven states and the Federal Capital Territory (FCT) collectively increased their domestic debt by N373.06 billion, according to an analysis by the Debt Management Office (DMO). The total domestic debt for the 36 states and FCT rose from N3.97 trillion to N4.00 trillion, marking a modest growth of 0.88%.

The eleven states and FCT accounted for a significant portion of this increase, with total domestic debt rising from N2.22 trillion to N2.59 trillion, a jump of 16.81%. Lagos State, as the largest subnational debtor, saw its debt stock rise from N900.19 billion to N1.05 trillion.

Other states like Cross River and Bauchi also increased their debts, while several states, including Imo and Plateau, reduced their debt stocks significantly. The overall trend indicates a shift in debt concentration among the states.