Least indebted states by debt stock in 2025 

Nigeria’s total subnational debt rose 9.89% year-on-year (YoY) to N4.36 trillion in 2025 from N3.97 trillion in 2024, yet a number of states went against that tide, maintaining low and in most cases declining debt levels over the same period.

According to data compiled by the Nairametrics Research Team from the Debt Management Office (DMO), the ten least indebted states reveal a pattern of fiscal restraint that stands in sharp contrast to the broader national trajectory.

Their combined debt of N204.80 billion accounts for just 4.70% of the total subnational debt stock, exposing the degree to which Nigeria’s borrowing is concentrated among a small number of states at the top of the table.

Below are the 10 least indebted states in Nigeria in 2025

Ekiti (N43.94 billion) 

Ekiti closes the list as the tenth least indebted state, with a domestic debt stock of N43.94 billion in 2025. This represents 1.01% of total subnational debt.

The figure marks a 17.92% decline from N53.53 billion recorded in 2024, reflecting sustained debt repayment and reduced borrowing activity during the year.

Borno (N42.64 billion) 

Borno recorded a debt stock of N42.64 billion in 2025, accounting for 0.98% of total subnational debt.

This represents a 52.75% increase from N27.91 billion in 2024, the sharpest rise among the ten least indebted states, suggesting significant fresh borrowing during the period, which may reflect ongoing reconstruction and security-related expenditure in the state.

Kogi (N27.95 billion) 

Kogi’s debt stock fell to N27.95 billion in 2025, representing 0.64% of the subnational total.

This reflects a notable 32.78% decline from N41.59 billion in 2024, one of the steeper reductions in the group, suggesting active debt repayment or restructuring of existing obligations during the year.

Nasarawa (N26.41 billion) 

Nasarawa recorded a domestic debt stock of N26.41 billion in 2025, contributing 0.61% to the total subnational debt profile.

The figure is broadly flat, representing a marginal 0.71% decrease from N26.60 billion in 2024, indicating stable debt management with little new borrowing and modest repayment activity.

Kebbi (N14.71 billion) 

Kebbi’s debt stood at N14.71 billion in 2025, accounting for 0.34% of total subnational debt.

This reflects a modest 3.34% decline from N15.22 billion in 2024, suggesting a cautious approach to borrowing with steady, if gradual, reduction of existing obligations.

Katsina (N14.11 billion) 

Katsina posted a debt stock of N14.11 billion, representing 0.32% of the subnational total.

The figure marks a significant 45.06% drop from N25.68 billion in 2024, one of the largest percentage reductions in the group, pointing to aggressive debt repayment or a deliberate scaling back of borrowing during the period.

Ebonyi (N13.48 billion) 

Ebonyi recorded N13.48 billion in domestic debt in 2025, contributing 0.31% to the subnational debt profile.

This represents a 25.58% decline from N18.11 billion in 2024, reflecting continued repayment of existing debt and limited reliance on new borrowing during the year.

Anambra (N11.55 billion) 

Anambra recorded N11.55 billion in debt, accounting for 0.26% of total subnational debt.

This marks a sharp 59.73% decrease from N28.68 billion in 2024, the largest YoY reduction among all ten states, suggesting either significant debt repayment, a reclassification of obligations, or a combination of both. The scale of the decline positions Anambra as one of the most aggressive debt reducers at the subnational level.

Ondo (N8.42 billion) 

Ondo recorded a debt stock of N8.42 billion in 2025, representing 0.19% of the total subnational debt.

This reflects a 34.64% decline from N12.88 billion in 2024, suggesting that the state continued to repay its obligations while avoiding significant new borrowing during the period.

Jigawa (N1.60 billion) 

Jigawa remains the least indebted state in Nigeria, with a domestic debt stock of N1.60 billion in 2025, accounting for just 0.04% of the total N4.36 trillion subnational debt profile.

The figure represents a 20.37% increase from N1.33 billion in 2024, reflecting a small amount of fresh borrowing. However, the total remains negligible compared to every other state in the country, and Jigawa’s position at the bottom of Nigeria’s debt table remains firmly intact.

A tale of consolidation against the tide 

Eight of the ten least indebted states reduced their debt stock in 2025, a striking contrast to the national trend, where total subnational debt rose 9.89% to N4.36 trillion.

• Anambra led the consolidation drive with a 59.73% reduction, the sharpest decline recorded across all 36 states and the FCT, followed closely by Katsina at 45.06%. Together, they represent a pattern of deliberate fiscal restraint that runs counter to the broader borrowing trajectory at the subnational level.
• Borno is the notable outlier, with a 52.75% debt increase that may reflect the cost of ongoing reconstruction and security spending, unique pressures that set it apart from its peers in this group.
• Perhaps the starkest illustration of Nigeria’s debt inequality is the Jigawa-Lagos gap. Jigawa, the least indebted state, carries N1.60 billion in debt. Lagos carries N1.22 trillion, 762 times larger. That a single state’s debt dwarfs the combined N204.80 billion of these ten states is a measure of just how unevenly Nigeria’s borrowing is distributed across its federating units.