11 states, FCT add N373bn to domestic debt in 9 months
FG data shows 11 states and the FCT increased domestic debt by N373.06bn between December 2024 and September 2025, while 25 states reduced theirs. Total subnational debt rose just 0.88% to N4.00tn, but 12 entities now hold 64.77% of the debt. Lagos State led with a N145.62bn increase to N1.05tn, while Enugu saw the sharpest rise at 63.24%. Rivers State added only N16.81bn despite earlier projections. The FCT and Bauchi also saw significant increases. However, Kogi cut debt by 65.59% to N14.31bn, and Ogun reduced N43.77bn to N168.09bn. This divergence means Nigeria's debt concentration shifted dramatically despite overall modest growth.