Nigeria’s state debt profile continues to show wide fiscal gaps, as new data reveal that several states remain heavily indebted both domestically and externally. Lagos state topped the list with a total debt stock (both domestic and external) of N2.65 trillion (N1.04 trillion domestic and $1.05 billion external).
According to the latest figures from the Debt Management Office (DMO), the combined external debt stock of all 36 states and the FCT stood at $4.81 billion as of June 2025, equivalent to about N11.32 trillion, using an exchange rate of N1,529.21 per dollar. The exchange rate is calculated by Nairametrics Research from the total public debt stock released by the DMO. Most of the external borrowings were from multilateral and bilateral bodies.
The domestic debt for states and the FCT also rose to N3.96 trillion ($2.59 billion) as of June 2025, marking a 2.48% increase from N3.87 trillion ($2.52 billion) recorded as of March 2025. Meanwhile, Nigeria’s total external debt, including that of the Federal Government, hit $46.98 billion during the same period.
Below is the list of Nigerian States with the highest total debt stock as of June 2025.
Top 10 Most Indebted States by their total debt
Imo State’s total debt stood at about N262.64 billion in JUNE 2025. Of this, N97.98 billion represents domestic debt which dropped by a 19.75% from the N122.09 billion recorded in March 2025, showing progress in local debt reduction.
However, the state’s external debt remains significant at $107.67 million (N164.65 billion), forming a large chunk of its total liabilities.
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