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 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.
