Lagos, Nigeria – latest Nigeria news: According to Debt Management Office data released on July 31, 2025, Lagos remains the most indebted Nigerian state with a debt stock of ₦874.04 billion as of Q1 2025 in today news in Nigeria.
🔑 Key Takeaways……
Top indebted states: Lagos, Rivers, and Delta top the list.
Combined debt of top 10 states rises to ₦2.48 trillion.
Year‑on‑year dynamics: Overall subnational debt fell ~4.9%, but the top 10 states saw a 2.49% rise.
Debt concentration: These states account for nearly 64% of Nigeria’s total subnational debt.
Lower ranking states include: Akwa Ibom, Imo, Benue among the least indebted within the top ten.
According to the DMO, Nigeria’s top 10 most indebted states now owe a combined ₦2.48 trillion, rising by 2.49% from ₦2.42 trillion in Q1 2024. Despite a 4.89% year‑on‑year drop in total subnational debt, debt is increasingly concentrated among the leading states. These 10 states now constitute 64.05% of national subnational debt.
Top 10 Most Indebted States (Q1 2025)…
Lagos – ₦874.04 billion
Rivers – ₦364.39 billion
Delta – ₦204.72 billion
Ogun – ₦190.14 billion
Enugu – ₦188.42 billion
Niger – ₦143.75 billion
Bauchi – ₦142.40 billion
Benue – ₦129.82 billion
Imo – ₦122.09 billion
Akwa Ibom – ₦118.21 billion
What Are The Implications?
As reported by Nairametrics, Lagos maintains the largest debt stock, although its year‑on‑year position slightly declined. Meanwhile, Rivers, Enugu and Niger recorded sharper increases, reshaping the state‑level debt profile in Nigeria news.
Akwa Ibom, despite being oil‑rich, recorded a 17.3% debt decline, falling from ₦142.93 billion in Q1 2024 to ₦118.21 billion due to strong derivation revenues and restrained capital spending. The state received N77.9 billion from FAAC and internally generated revenue in the quarter, reducing the need for new borrowing.
This article summarises the latest Nigeria news on state-level debt trends as at March 31, 2025. Lagos leads the debt ranking, while Akwa Ibom charts fiscal restraint within the top ten. Debt remains a major fiscal challenge, concentrated in key states.
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FULL LIST: VAT generated in states across Nigeria in Q1 2025
— TheCableIndex (@thecableindex) May 28, 2025
1. Lagos: N819.62bn
2. Rivers: N278.23bn
3. Oyo: N79.78bn
4. Bayelsa: N27.26bn
5. Kano: N22.97bn
6. Edo: N20.73bn
7. Delta: N20.04bn
8. Akwa-Ibom: N16.08bn
9. Kwara: N14.43bn
10. Benue: N12.36bn
11. Jigawa: N11.22bn… pic.twitter.com/9EQp2ctvJX
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Original Story by nairametrics
