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

Key Takeaways

  • 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.

In Q2 2025, South-South Nigeria’s debt landscape reveals a sharp divide between high and low borrowers. Bayelsa, with ₦65.9 billion, remains the least indebted state, underscoring its relatively smaller borrowing profile compared to Rivers State, which tops the region with ₦364.4 billion. While Delta and Cross River also carry substantial obligations, Bayelsa’s restrained debt levels may reflect conservative fiscal management or limited borrowing capacity. The region’s combined ₦968 billion domestic debt highlights its significant role in Nigeria’s overall subnational debt picture.

Source:

Debt Management Office

Period:

Q2 2025
HTML code to embed chart
Want a bespoke report?
Reach out
Click to copy HTML embed code
Tags
Related Insights
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.
Nigeria has installed 3.65 million electricity metres since 2019; Ikeja DisCo leads with 823,000, and Aba Power at the bottom with 56,000
  • Approximately 3.65 million metres have been installed nationwide across all frameworks since 2019.
  • Ikeja DisCo leads by a wide margin with 823,000 installations, over twice the volume of most other DisCos.
  • Kaduna, Yola, and Aba Power recorded the lowest metre installations, each below 100,000.
  • The disparities in installation totals reveal uneven progress in achieving nationwide metering coverage.
More than 8 in 10 electricity customers of Ikeja and Eko DisCos are now metered
  • Ikeja (84.6%) and Eko (83.3%) lead Nigeria’s metering performance, keeping unmetered customers below 17%.
  • Eight out of the twelve DisCos have metering rates below 60%, showing a wide sector imbalance.
  • The worst-performing DisCos — Yola, Jos, Kaduna, and Kano — have over 65% unmetered customers.
  • Regional disparities are sharp: Lagos and Abuja outperform northern and south-eastern DisCos by large margins.
POPULAR TOPICS
SIGN UP TO OUR NEWSLETTER
Get periodic updates about the African startup space, access to our reports, among others.
Subscribe Here
Subscription Form
A product of Techpoint Africa. All rights reserved