Lagos State, the Federal Capital Territory (FCT) and Rivers State accounted for more than 43 per cent of the N4.52 trillion domestic debt owed by Nigeria's 36 states and the FCT as of March 31, 2026.
The figures highlight the concentration of subnational domestic borrowing among some of the country's largest and economically significant jurisdictions.
Lagos, Nigeria's commercial hub, along with the FCT and oil-producing Rivers State, collectively accounted for the largest portion of the outstanding domestic debt during the period under review.
The debt position reflects the borrowing obligations accumulated by state governments and the FCT to finance infrastructure, development projects, budget deficits and other government expenditure.
The figures are contained in the latest public debt data released by the Debt Management Office (DMO).
The concentration of debt among the three jurisdictions is expected to sustain discussions around subnational borrowing, debt sustainability, internally generated revenue and the ability of state governments to meet their repayment obligations.
The data also underscores the importance of prudent debt management and stronger revenue mobilisation at the state level to ensure that borrowed funds translate into sustainable economic and social development.
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