Nigeria’s most indebted states: Lagos, Delta, FCT leads as subnational debt rises to N4.59 trillion in Q2 2026
Nigeria’s state-level domestic debt stock continued to rise in the second quarter of 2026 to N4.59 trillion, although the increase was much slower than the sharp jump of 3.74% recorded between December 2025 and March 2026. The post Nigeria’s most indebted states: Lagos, Delta, FCT leads as subnational debt rises to N4.59 trillion in Q2 2026 appeared first on Nairametrics .
In Q2 2026, Nigeria's state-level domestic debt stock reached N4.59 trillion, marking a 1.49% increase quarter-on-quarter from N4.52 trillion in March 2026. The top ten most indebted states, including the Federal Capital Territory (FCT), accounted for over 70% of this total subnational domestic debt. The combined domestic debt stock of these ten states was N3.22 trillion as of June 2026, representing a 4.44% quarter-on-quarter increase from N3.08 trillion in March 2026 and a 29.35% year-on-year rise from N2.49 trillion in June 2025.
The top ten most indebted states demonstrated significant variations in their debt profiles. Niger State, for instance, ranked eighth with a debt stock of N140.00 billion, a 3.05% share of total debt but largely stable compared to earlier quarters. Bauchi State held the seventh position with a debt stock of N157.35 billion, showing a moderate increase of 1.88% from the previous quarter and a 9.56% rise year-on-year.
Ogun State experienced a notable decrease in its debt stock, falling by 5.83% to N189.05 billion, accounting for 4.12% of the total debt. However, the state's debt was 16.04% higher than in Q2 2025. Edo State climbed to the fifth position with a debt stock of N214.93 billion, a 4.68% share of the total debt stock. The state witnessed a 24.69% quarter-on-quarter increase and a staggering 167.60% year-on-year rise, driven by infrastructure development and economic programmes.
Rivers State, previously a major state debtor, ranked fourth with a debt stock of N354.64 billion, a 7.72% share of the total debt. The state's debt decreased by 2.15% from the previous quarter but showed a 2.68% year-on-year decline from Q2 2025. The Federal Capital Territory (FCT) maintained its third position with a debt stock of N358.79 billion, a 7.97% quarterly decline from March 2026, but posted an extraordinary 405.06% annual increase, reflecting substantial financing for infrastructure projects.
Delta State ranked second with a domestic debt stock of N369.30 billion, a 72.69% increase from Q1 2026 and an 80.44% increase year-on-year.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
