Lagos State Debt Climbs to ₦2.9 trn, Surpassing Other States

Lagos’ total debt has reached about ₦2.9 trn, combining ₦1.219 trn in domestic obligations with roughly ₦1.68 trn in external loans. This marks the highest subnational borrowing in Nigeria. Rivers State follows with ₦378.8 bn in domestic debt, while Delta owes ₦248.8 bn. On the external side, Kaduna trails at $684 m, with Cross River and Bauchi each around $220 m. Across the federation, all states and the FCT carry ₦4.36 trn domestically and $5.68 bn externally. Lagos’ borrowing underpins its infrastructure expansion, but rising debt service costs underscore the need for prudent fiscal management.

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