FCT domestic debt surges more than six-fold in one year - Businessday NG

…as 11 subnationals add N654bn in 12 months

The Federal Capital Territory (FCT) led a sharp increase in subnational debt, as its domestic debt skyrocketed by 538 percent amidst a broader borrowing spree that saw 10 states, alongside the FCT accumulate over N654 billion in fresh debt from March 2025 to March 2026.

According to the states’ domestic debt data published by the Debt Management Office (DMO), the aggregate domestic debt of the 36 states and the FCT grew from N3.86 trillion in March 2025 to N4.52 trillion in March 2026.

BusinessDay’s analysis of the data showed that while several states achieved a reduction in their domestic debt profiles, 10 states—including Bauchi, Borno, Cross River, Delta, Kaduna, Nasarawa, Ogun, Yobe, and the FCT—accumulated more debt in the period.

The FCT topped the list of borrowers, growing its debt from N61.12 billion in 2025 to N389.87 billion in 2026, representing a 538 percent increase. This was followed by Kaduna State, whose debt grew by 251.3 percent from N25.00 billion in 2025 to N87.86 billion in 2026.