Key points Main story Nigeria’s subnational debt profile has expanded significantly, with external borrowing by the 36 states and the Federal Capital Territory (FCT) climbing to $5.68bn by the end of 2025, up from $4.80bn in 2024, according to data from the Debt Management Office (DMO). This represents an $884.66m increase within a year, or … Continue reading Rising debt, rising risks: States’ external borrowing climbs to $5.7bn Despite FAAC windfall