Lagos’s domestic debt is 7.5% (₦72.6 billion) higher than the South South’s

Key Takeaways

  • The South-West recorded the highest domestic debt stock of approximately ₦1.43 trillion, largely powered by Lagos State’s ₦1.04 trillion debt.
  • The South-South ranks second with ₦968 billion, led by Rivers State’s ₦364.4 billion, reflecting major infrastructure and fiscal commitments.
  • The North-Central (₦520 billion) and North-East (₦450 billion) show moderate borrowing compared to their southern counterparts.
  • The North-West records the smallest combined debt stock at ₦223 billion, indicating a relatively conservative borrowing posture.

Nigeria’s domestic debt landscape in Q2 2025 shows a clear regional divide, with southern zones accounting for a greater share of subnational obligations. The South-West leads the pack, reaching roughly ₦1.43 trillion. The figure is propelled by Lagos State’s ₦1.04 trillion debt, more than the combined total of some entire zones. The South-South follows with ₦968 billion, anchored by Rivers State’s ₦364.4 billion, while the North-Central and North-East reached  ₦520 billion and ₦450 billion respectively. The North-West remains the least indebted at ₦223 billion, underscoring differences in fiscal capacity and revenue generation across regions.

Source:

Debt Management Office

Period:

Q2 2025
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