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 and analysed by The PUNCH on Monday.
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.
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