10 most indebted as 36 states, FCT’s domestic debts hit N4.21 trillion in Q3 2024

• Nigeria’s 36 states and the Federal Capital Territory owe N4.21 trillion as domestic debt as of the third quarter of 2024
• Ten states owed the highest amounts in the quarter
• The states include Lagos, Rivers, Delta, and Ogun

The Debt Management Office (DMO) recently released the sub-national debt report, which revealed that the domestic debts of the 36 states and the Federal Capital Territory (FCT) reached N4.21 trillion as of the third quarter (Q3) of 2024.

The states' and FCT’s debt obligations are part of Nigeria’s N142.3 trillion public debt stock as of September 2024.

The amount shows a marginal decrease from N4.27 trillion recorded on June 30, 2024, a 1.27 per cent or N54.37 billion quarter-on-quarter decline in three months.

An analysis of the report shows variations in debt levels across the states. While the debts of some states increased significantly, others showed marginal changes or reductions within the period.

Out of the 36 states and the FCT, 10 states owe the highest domestic debts as of September 30, 2024. They include Lagos, Rivers, Delta, and Ogun.

10 states with highest domestic debt as of Q3 2024

1. Lagos

Lagos State, Nigeria’s commercial nerve centre, is on top of the list among states with the highest domestic debt as of September 30, 2024.

The state owed N853.43 billion in Q3 2024, a reduction of 3.67 per cent or N32.56 billion from the N885.99 billion it owed in the second quarter (Q2) of 2024.

Lagos’ high debt stock is not surprising given its ambitious infrastructure projects, which aim to sustain its economic dominance.

2. Rivers

Rivers State’s debt stock in Q3 2024 remained the same as in Q2 2024 at N389.20 billion.

The DMO however clarified that the domestic debt figure for Rivers remained unchanged between June and September 2024 as the data for Rivers was only updated up to June 30, 2024.

3. Delta

The domestic debt for the oil-rich Delta State increased to N342.53 billion in Q3 2024 from N304.54 billion in Q2 2024.

This represents an increase of N37.99 billion or 12.47 per cent in three months.

4. Ogun

The South-Western state is fourth on the list of states with the highest domestic debt in Q3 2024.

Ogun’s debt stood at N201.19 billion in Q3 2024, a N9.94 billion or 4.71 per cent reduction from the N211.13 billion it owed as of Q2 2024.

5. Imo

As of Q3 2025, the domestic debt stock of Imo State reduced to N155.38 billion from the N159.19 billion it owed in Q2.

The domestic debt figure represents a N3.80 billion or 2.39 per cent reduction in three months.

6. Bauchi

Bauchi State reduced its debt stock by N1.93 billion or 1.31 per cent in Q3 2024.

The state’s debt amount declined to N145.29 billion in Q3 2024 from N147.23 billion recorded in Q2.

7. Niger

The domestic debt stock of Niger State in North Central Nigeria slightly reduced from N146.29 billion in Q2 2024 to N144.88 billion in Q3 2024.

The debt figure shows a decline of N1.41 billion or 0.96 per cent between June 30 and September 30, 2024.

8. Cross River

As of September 30, 2024, Cross River State is among the states with the most significant reduction in their debt quarter-on-quarter.

The state’s debt declined by N22.08 billion or 14.20 per cent to N133.41 billion in Q3 2024 from N155.49 billion in Q2.

9. Enugu

In Q3 2024, Enugu increased its debt obligation to N128.07 billion from N96.98 in Q2, accounting for one of the largest debt increases among the top 10 states.

The figure represents a N31.10 billion or 32.07 per cent increase in the state’s debt stock, quarter-on-quarter.

10. Akwa Ibom

The South-South state of Akwa Ibom emerged as the 10th state with the highest domestic debt as of September 30, 2024.

The state’s domestic debt stock declined to N126.00 billion in Q3 2024 from N132.87 billion in Q2 2024.

The figure represents a decline of N6.87 billion or 5.17 per cent in the domestic debt of the oil-producing state quarter-on-quarter.

DMO report shows Lagos, Delta, Rivers owe 38% of states’ domestic debt

Meanwhile, TheRadar earlier reported that the latest sub-national report by the Debt Management Office (DMO) showed that Lagos, Delta, and Rivers states collectively account for 38 per cent of the total domestic debt stock of states and the Federal Capital Territory (FCT).

The report disclosed that the domestic debt of the 36 states and the FCT stood at N4.21 trillion as of September 30, decreasing from N4.27 trillion recorded as of June 30, 2024.