Nigerian states spend 800.42 billion naira on debt in six months
By the AFREEQUE newsroom, based on Punch
Nigerian states spent 800.42 billion naira on debt servicing in the first half of 2026, a 39.5% year-on-year increase across the 33 states compared. Lagos accounted for nearly a third of payments and more than four-fifths of the increase, according to an analysis of budget reports published by Punch.
The 33 Nigerian states with comparable data spent 800.42 billion naira on debt servicing between January and June 2026, a 39.5% increase year on year. The analysis of state budget execution reports was published by Nigerian newspaper Punch.
Lagos paid 261.80 billion naira, compared with 76.78 billion in the first half of 2025. This increase of 185.02 billion accounted for 81.6% of the total rise recorded by the 33 states. Excluding Lagos, payments rose by about 8.4%.
Taraba ranked second with 40.75 billion naira, ahead of Kaduna (40.29 billion), Edo (37.66 billion) and Ogun (32.84 billion). These five states accounted for 51.6% of the recorded spending. In total, ten states spent more on debt servicing than they collected in internally generated revenue, according to Punch.
The data cover cumulative revenue and expenditure from January to June, not just the months of April to June. Debt servicing includes interest and principal repayments on domestic and external borrowing. The available reports did not allow a comparison for Osun in 2026 or for Rivers across the two periods; Akwa Ibom did not break down its debt payments.
