Federal Capital Territory debt soars to N389.87 billion, 538% increase in one year
Subnational borrowing surged to N4.52 trillion as the FCT and ten other states accumulated over N654 billion in new domestic debt between March 2025 and March 2026.
Subnational debt levels in Nigeria climbed sharply, reaching N4.52 trillion by March 2026 after sitting at N3.86 trillion a year earlier. The Federal Capital Territory (FCT) led this expansion, with its domestic debt rising from N61.12 billion in 2025 to N389.87 billion in 2026, marking a 538 percent increase. Ten other states joined the FCT in recording net borrowing over the same twelve-month period. These included Bauchi, Borno, Cross River, Delta, Kaduna, Nasarawa, Ogun, Yobe, and the FCT, which collectively added N654 billion in debt. Kaduna State followed the FCT with a 251.3 percent rise to N87.86 billion. Yobe State's debt also jumped significantly from N39.62 billion to N98.59 billion. Conversely, several states reduced their domestic debt profiles, though Lagos State maintained its position as the highest borrower overall. Its total debt balance grew from N874.04 billion in 2025 to N1.21 trillion in 2026.
