Nigeria’s subnational debt profile deteriorated further in 2025, with the combined debt stock of the 36 states and the Federal Capital Territory (FCT) rising to N4.36 trillion. Even as Lagos maintained its position at the top with a debt profile of N1.04 trillion. The figures are culled from the latest released data on states’ debt profile by the Debt Management Office (DMO), reflecting increased borrowing by state governments to fund infrastructure, manage fiscal gaps, and navigate a challenging macroeconomic environment...........................….......READ MORE