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Lagos Tops Nigeria’s Domestic Debt Chart, Owes More Than Any Region

Published by Samuel Ayomide on March 5th, 2026.

Lagos State holds the highest domestic debt burden among Nigeria’s sub-national governments, surpassing not only individual states but also entire geopolitical zones.

Data as of September 30, 2025, show that Lagos’ domestic debt stands at ₦1.05 trillion. This figure represents 26.25 per cent of the ₦4.00 trillion total domestic debt owed by all states in the country.

Within the geopolitical breakdown, the South-West leads with a combined domestic debt of ₦1.43 trillion. The South-South follows with ₦1.00 trillion, while the North-Central records ₦496.05 billion. The North-East has ₦482.02 billion, the South-East ₦375.04 billion, and the North-West ₦215.43 billion.

Lagos alone accounts for 73 per cent of the South-West’s total domestic debt, and its ₦1.05 trillion liability exceeds the combined domestic debt of every other geopolitical zone except the South-West, its own region.

States With the Highest Domestic Debt (Q3 2025)

Lagos leads the ranking with ₦1.05 trillion. Rivers State follows with ₦381.21 billion, while Delta State records ₦247.17 billion. Enugu stands at ₦194.72 billion, and Ogun at ₦168.09 billion.

Other states in the top 12 include Bauchi (₦158.20 billion), Niger (₦143.50 billion), Cross River (₦141.94 billion), Benue (₦107.25 billion), Akwa Ibom (₦95.51 billion), Imo (₦90.51 billion), and Taraba (₦89.74 billion).

A closer look at the figures reveals that Lagos’ domestic debt alone is higher than the combined total of the next four most indebted states which includes Rivers, Delta, Enugu, and Ogun, which together owe ₦991.19 billion.

The numbers underscore Lagos State’s dominant share of Nigeria’s sub-national domestic debt profile.