Seven state governments increased their domestic debt stocks by a combined N355.18bn in the first quarter of 2026, despite repeated claims by some governors that they had not contracted fresh loans to meet the financial needs of their administrations.
The increase, however, was concentrated in only seven sub-national governments, while 29 recorded reductions in their domestic debt stocks between December 31, 2025 and March 31, 2026, according to data obtained from the Debt Management Office.
Further findings showed that the total debt stock of the seven states during the period under review was N977.15bn.
The DMO data showed that the domestic debt stock of the 36 states and the Federal Capital Territory rose from N4.36tn at the end of December 2025 to N4.52tn as of March 31, 2026. That represents a net increase of N163.25bn, or 3.74 per cent, within three months.
But the gross increase recorded by the seven governments whose debt stocks went up was much higher, at N355.18bn. The seven governments that recorded increases were the Federal Capital Territory, Edo, Borno, Yobe, Benue, Kaduna and Nasarawa.
The FCT recorded by far the largest increase, with its domestic debt stock rising from N188.86bn to N389.88bn, an increase of N201.01bn or 106.43 per cent. Edo followed, with its debt stock jumping from N91.18bn to N172.37bn, an increase of N81.19bn or 89.04 per cent.
Borno recorded a 107.40 per cent increase, with its domestic debt rising from N42.64bn to N88.44bn, representing an addition of N45.80bn. Yobe’s debt stock rose from N81.00bn to N98.59bn, an increase of N17.60bn or 21.73 per cent.
