Domestic debt - Intelpoint

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Over 60% of Nigeria’s ₦1.7 trillion domestic debt service in Q2 2025 was spent on Federal Government Bonds

FGN bonds dominated: ₦1.07 trillion went to Federal Government Bonds, accounting for about 63% of total domestic debt servicing.
Treasury bills followed: Payments on NTBs reached ₦537.9 billion, making up roughly 31% of the total.
Sukuk and promissory notes together cost ₦90.8 billion, reflecting Nigeria’s mix of infrastructure and settlement instruments.
Green and savings bonds remained minimal, together below ₦5 billion, showing limited traction for retail and sustainability-focused debt.

Enugu - South-East’s top domestic debtor - owes more than Imo, Abia, and Anambra combined

Enugu State holds the highest domestic debt in the South-East at ₦180.5 billion.
Imo ranks second with ₦97.9 billion, about 54% lower than Enugu’s figure.
At ₦15.8 billion, Ebonyi remains the least indebted in the region, maintaining a conservative borrowing stance.
Combined, the five South-East states (Enugu, Imo, Abia, Anambra, and Ebonyi) owe roughly ₦371 billion domestically as of Q2 2025.

Rivers State's domestic debt is 3.5% (₦12.4b) more than the combined debt of Delta and Cross River

Bayelsa holds the lowest debt with ₦65.9 billion.
Rivers’ ₦364.4 billion domestic debt is almost six times Bayelsa’s total, highlighting major fiscal disparities.
Delta (₦204.7 billion) and Cross River (₦147.3 billion) remain among the region’s more indebted states
Regional debt approaches ₦1 trillion: The six South-South states collectively hold an estimated ₦968 billion in domestic debt as of Q2 2025.

Jigawa recorded the lowest domestic debt in North-West Nigeria at ₦852 million in Q2 2025

The seven North-Western states collectively owed about ₦223.4 billion in domestic debt as of Q2 2025, according to DMO data.
Kano State ranked highest with ₦56.9 billion, accounting for roughly 25% of the zone’s total debt.
Jigawa remains the least indebted in the region and in the entire country, with only ₦852 million.
Moderate debt spread: While Kano, Zamfara, and Sokoto carried the largest debt loads, the remaining states maintained relatively conservative borrowing patterns.

Kogi and Nasarawa post lowest domestic debt in North Central Nigeria at ₦18.8 billion and ₦23.9 billion, respectively

The six North Central states collectively hold ₦449.4 billion in domestic debt as of Q2 2025, according to DMO data.
Kogi and Nasarawa lead in fiscal control with ₦18.8 billion and ₦23.9 billion, respectively
Both states record the lowest debt profiles in the region. Niger State’s ₦141.5 billion debt makes it the region’s most indebted, accounting for nearly one-third of the total.
The debt gap between Kogi (lowest) and Niger (highest) stands at over ₦123 billion, highlighting stark differences in fiscal management and borrowing capacity across the zone.

Lagos accounts for over 70% of South-West Nigeria’s domestic debt, hitting ₦1.04 trillion in mid-2025

Lagos dominates regional debt with a domestic debt stock of ₦1.04 trillion, over 70% of the South-West’s total subnational debt.
Lagos’s debt is six times larger than that of Ogun (₦162.9 billion), the region’s next most indebted state.
At ₦10.6 billion, Ondo maintains the lowest domestic debt profile in the region, reflecting relatively modest borrowing.
The combined domestic debt of the six South-West states (Lagos, Ogun, Oyo, Osun, Ekiti, and Ondo) stood at ₦1.43 trillion as of Q2 2025.

Twenty states and the FCT added a combined ₦643b to their domestic debt in 2023

How much more debt did Nigerian states add to their existing domestic debt in 2023? Nigerian states' domestic debt increased by 9.8% in 2023, with 20 states and the FCT contributing to this increase. Lagos State recorded the biggest jump in domestic debt with ₦241.5b added.

Top 10 Nigerian states by domestic debt stock as of March 2021

States and the FCT accounted for ₦4.12 trillion — 19.98% of Nigeria's Total Domestic Debt and 12.45% of the Total Public Debt, with Lagos having the most outstanding debt of ₦507.4 billion — 12.3% of the Total Debt Stock by states and the FCT.

Nigeria: Domestic debt stock increased to ₦54.1 trillion in Q2 2023

Nigeria has added ₦23.9 trillion to the debt it owes creditors within the country as of Q2 2023. As of June 2023, the country's domestic debt had risen from ₦30.2 trillion in March to ₦54.1 trillion, a 79% increase.