Lagos State carried the largest domestic debt of any Nigerian state as of the fourth quarter of 2025, according to the National Bureau of Statistics. The debt stood at N1.22 trillion in local obligations and $1.17 billion in external liabilities. The NBS report detailed state government finances across the federation, showing Lagos at the top of the debt ranking. No further breakdown of the debt用途 or repayment plans was provided in the report. The data reflects the financial position of states at the end of December 2025. Other states' debt figures were also included, though none matched Lagos' total domestic borrowing. The statistics cover only government-guaranteed loans and direct borrowings by state executives.
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