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Home Finance

Seven States Spend 190% of IGR on Debt Servicing in Q1 2025

Victoria Emeto by Victoria Emeto
June 3, 2025
in Finance
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Seven States Spend 190% of IGR on Debt Servicing in Q1 2025

Seven Nigerian states are facing severe fiscal pressure, having spent an average of 190 per cent of their Internally Generated Revenue (IGR) on debt servicing in the first quarter of 2025, according to newly released Budget Implementation Reports.

Data from Bayelsa, Adamawa, Benue, Niger, Kogi, Taraba, and Bauchi states show that debt servicing expenditure far exceeded IGR during the period, with some states spending over 300 per cent of their revenue on debt repayments alone.

A comparative analysis with the previous quarter (Q4 2024) reveals a sharp 51 per cent quarter-on-quarter increase in debt servicing costs, which rose from N65.24 billion to N98.71 billion in Q1 2025.

Meanwhile, the combined IGR of the seven states grew only modestly, rising by N7.87 billion from N44.05 billion in Q4 2024 to N51.92 billion in Q1 2025. This marginal growth was significantly outpaced by the spike in debt obligations, underlining the widening fiscal imbalance at the subnational level.

The findings, observed by The PUNCH, highlight growing concerns about debt sustainability, fiscal autonomy, and budgetary discipline in several states. Analysts warn that without urgent reforms to boost internal revenue and manage debt, affected states risk deeper financial instability and compromised service delivery.

Tags: #FiscalResponsibility#IGRvDebt#Nigerianeconomy#StateDebtCrisis
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