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

Key Takeaways

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.

As of Q2 2025, Lagos State continues to dominate the South-West’s fiscal landscape with a domestic debt stock of ₦1.04 trillion, representing more than 70% of the region’s total ₦1.43 trillion. The state’s high debt level reflects its role as Nigeria’s economic hub, financing massive infrastructure and social investment projects. Ogun (₦162.9 billion) follows distantly, while Oyo (₦83.2 billion) and Osun (₦82.3 billion) maintain moderate borrowing levels. Ekiti (₦49.9 billion) and Ondo (₦10.6 billion) round out the list, underscoring the uneven fiscal capacities within the region. Despite the disparities, the data highlights Lagos’s outsized role in Nigeria’s subnational debt dynamics, both as a driver of growth and a major debtor.

Source:

Debt Management Office

<div style="text-align: center;"><a href="https://intelpoint.co/insights/lagos-accounts-for-over-70-of-south-west-nigerias-domestic-debt-hitting-%e2%82%a61-04-trillion-in-mid-2025/" title="Lagos accounts for over 70% of South-West Nigeria’s domestic debt, hitting ₦1.04 trillion in mid-2025"><img src="https://intelpoint.co/wp-content/uploads/2025/10/t1-scaled.webp" style="width: 80%; height: auto; max-width:960px;-ms-interpolation-mode: bicubic; margin: 0 auto; display: block;" alt="Chart: Lagos accounts for over 70% of South-West Nigeria’s domestic debt, hitting ₦1.04 trillion in mid-2025"/></a><br><span>Find more insights at <a href="https://intelpoint.co/insights?utm_source=Insight%20Embed&utm_medium=HTML&utm_campaign=Lagos+accounts+for+over+70%25+of+South-West+Nigeria%E2%80%99s+domestic+debt%2C+hitting+%E2%82%A61.04+trillion+in+mid-2025" target="_blank" style="color: #4f9acc; text-decoration: none;">Intelpoint</a>.</span></div>Copied to clipboard!

Period:

Q2 2025

HTML code to embed chart

Want a bespoke report?

Reach out

Related Insights

Lagos had one licensed cinema for every 337,000 people in 2025

Lagos alone hosts 51 licensed cinemas, accounting for over half of all exhibition premises in the dataset.
The next three states—Ogun, FCT, and Rivers—combined have just 30 cinemas.
Only five states have five or more licensed cinemas, highlighting strong geographic concentration.
Several large states have two cinemas or fewer, pointing to limited formal exhibition infrastructure outside key urban hubs.

Nigeria beats Egypt to win AFCON bronze medal, extending its record to nine third-place finishes

Nigeria extends its AFCON bronze medal wins to nine, the highest in men’s AFCON history, with another podium finish.
The win over Egypt highlights Nigeria’s resilience, turning late-stage setbacks into tangible success.
Bronze medals remain rare for most nations, with the majority appearing only once or twice in AFCON history.

10 Nigerian states and the FCT cut their external debt by a combined $227.19 million in H1 2025

Ten states and the FCT collectively reduced their external debt by $227.19 million in H1 2025.
Lagos, Edo, and Rivers accounted for most of the reductions, making up more than three-quarters of the total.
Several smaller states also trimmed their balances, but by relatively modest amounts.
These reductions significantly offset the increases recorded by 26 other states, helping keep nationwide net external debt growth low.

26 Nigerian states added a combined $239m to their external debt in H1 2025

26 states increased their external debt by a combined $239 million in H1 2025.
Imo, Oyo, Kaduna, Enugu, and Ogun recorded the biggest increases.
11 states, including the FCT, reduced their debt through higher repayments.
Lagos, Edo, Rivers, and Bauchi accounted for most of the $227 million in reductions.
Total state external debt rose only slightly, from $4.8 billion to $4.812 billion.

Nigeria’s power grid is 69.9% powered by thermal plants

Thermal energy dominates Nigeria’s grid, supplying 69.9% of total power.
Hydro plants contribute 30.1%, making them the country’s second major source.
The heavy reliance on thermal generation shows Nigeria’s grid is still largely fossil-fuel driven.
Hydro remains a crucial but secondary source, supporting overall supply stability.

Nigeria's DisCos recorded ₦360bn revenue gap after collecting ₦1.12tn from ₦1.49tn billed in H1 2025

DisCos billed approximately ₦1.49 trillion but collected only ₦1.12 trillion in H1 2025.
Ikeja and Eko DisCos generated the highest revenues, collecting ₦206.22 billion and ₦210.59 billion, respectively.
Revenue collection gaps remain significant, with Jos, Kaduna, and Yola posting the weakest collection performances.
The wide gap between billings and actual collections suggests persistent challenges in customer payment compliance, metering, and distribution efficiency.