Ten states owe more than a full year's revenue
Total debt of each state and the Federal Capital Territory (FCT) at 31 December 2025 as a share of its 2025 revenue, from the Public Debt Integrity database.
Kaduna’s debt at the end of 2025 was 336.7 percent of its revenue for the year, the highest of any state. Ten states owed more than a full year’s revenue. Only five states, Ondo, Delta, Akwa Ibom, Jigawa and Bayelsa, and the FCT were at or below the 50 percent guideline that the Fiscal Responsibility Commission has cited from the Debt Management Office (DMO).
Source: Public Debt Integrity (CeFTPI), from DMO debt stock at 31 December 2025, National Bureau of Statistics (NBS) internally generated revenue, and gross Federation Account Allocation Committee (FAAC) allocations for 2025 from the Office of the Accountant-General of the Federation (OAGF). Debt is domestic plus external debt, with external debt converted at ₦1,435.26 to the dollar, the rate implied by the DMO's state totals. Revenue is internally generated revenue plus the gross statutory allocation from the Federation Account for the calendar year. State boundaries: OCHA Common Operational Datasets (administrative level 1), simplified.
Source documents: DMO, States and FCT Domestic Debt Stock as at December 31, 2025; DMO, States, FCT and Federal Government's External Debt Stock as at December 31, 2025; NBS, Internally Generated Revenue 2025; NBS, FAAC disbursements; Public Debt Integrity.
Show the figures
| State | Debt to revenue |
|---|---|
| Abia | 78.7% |
| Adamawa | 116.6% |
| Akwa Ibom | 26.8% |
| Anambra | 60.0% |
| Bauchi | 184.7% |
| Bayelsa | 23.4% |
| Benue | 85.0% |
| Borno | 59.6% |
| Cross River | 199.9% |
| Delta | 38.4% |
| Ebonyi | 96.8% |
| Edo | 168.4% |
| Ekiti | 110.9% |
| Enugu | 51.8% |
| FCT | 40.6% |
| Gombe | 94.5% |
| Imo | 95.4% |
| Jigawa | 25.5% |
| Kaduna | 336.7% |
| Kano | 60.5% |
| Katsina | 107.2% |
| Kebbi | 59.4% |
| Kogi | 86.8% |
| Kwara | 60.5% |
| Lagos | 117.3% |
| Nasarawa | 60.2% |
| Niger | 129.7% |
| Ogun | 126.0% |
| Ondo | 47.0% |
| Osun | 98.3% |
| Oyo | 57.7% |
| Plateau | 89.3% |
| Rivers | 61.0% |
| Sokoto | 87.1% |
| Taraba | 81.0% |
| Yobe | 81.1% |
| Zamfara | 57.4% |
More data
- $912.5 million of Nigeria's external debt sits on four lines with no published loan behind them
- Eight of 518 federal institutions scored 50 percent or more in the 2026 Transparency and Integrity Index
- For more than half of Nigeria's foreign loans, the public record does not show how the money was used