Analysis of official data shows that at least 10 Nigerian states—Rivers, Enugu, Niger, Taraba, Bauchi, Benue, Gombe, Edo, Kwara, and Nasarawa—collectively increased their domestic debt by N417.7 billion year-on-year, from N884.9 billion in Q1 2024 to N1.3 trillion in Q1 2025, a 47.2% rise.
Their combined debt also grew quarter-on-quarter by N42.3 billion approximately (3.4%), from N1.26 trillion in Q4 2024 to N1.30 trillion in Q1 2025.
Despite improved revenue allocations due to higher oil prices and other factors, some states continue borrowing more, with Rivers State holding the highest debt at N364.39 billion in Q1 2025—up by 56.7% year-on-year.
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