Nigeria's subnational domestic debt climbed to N4.59 trillion by the end of June 2026, up from N4.52 trillion in March 2026, according to Debt Management Office data analysed by Nairametrics Research. The quarter-on-quarter increase of 1.49%, or about N67.57 billion, was far slower than the 3.74% jump recorded between December 2025 and March 2026.
The ten most indebted states and the Federal Capital Territory held a combined N3.22 trillion, representing more than 70% of the total stock across the 36 states and the FCT. Their collective obligations rose 4.44% from N3.08 trillion in March 2026 and were 29.35% higher than the N2.49 trillion recorded in June 2025.
While total state-level debt grew by N627.35 billion year-on-year, the top ten accounted for roughly N731.05 billion of that increase. This means debt outside the top ten declined by about N103.69 billion over the same period. Compared with the N3.96 trillion recorded in June 2025, the latest figure is 15.83% higher.
Lagos remained the largest subnational borrower at N1.20 trillion, equal to 26.03% of the national total and 37.10% of the top-ten stock. Its debt fell 0.81% from N1.21 trillion in the first quarter but was still 14.78% above the N1.04 trillion reported a year earlier, adding N153.93 billion over twelve months.
Delta moved from fourth to second position, with domestic debt rising 72.69% quarter-on-quarter from N213.85 billion to N369.30 billion. Year-on-year, Delta's stock grew 80.44% from N204.67 billion, an increase of about N164.64 billion.
The FCT ranked third at N358.79 billion after a 7.97% quarterly decline from N389.88 billion. Its annual growth was the sharpest among the leading debtors at 405.06%, an increase of roughly N287.75 billion.
Other states in the top ten included Rivers at N354.64 billion, Edo at N214.93 billion, Ogun at N189.05 billion, Bauchi at N157.35 billion, Niger at N140.00 billion, Cross River at N130.01 billion, and Benue at N112.32 billion. Delta recorded the largest quarterly jump among the group at 72.69%, while Rivers, Cross River, Benue, Niger, Ogun, and Lagos reduced their stocks during the quarter.
