12 STATES OWE N5.3TN AS GOVERNORS NEAR END OF TENURE

Twelve state governors whose tenures will end in 2027 and early 2028 are set to leave behind a combined debt burden of about N5.3tn, comprising domestic and external obligations.

The affected states are Adamawa, Yobe, Nasarawa, Kwara, Ogun, Gombe, Bauchi, Lagos, Borno, Oyo, Imo and Bayelsa.

According to data from the Debt Management Office, the 12 states had accumulated domestic debts of N2.16tn as of the first quarter of 2026, while their external obligations stood at about $2.33bn based on the latest available state-level data.

Most of the governors are expected to complete their second terms in 2027, while Imo Governor Hope Uzodimma and Bayelsa Governor Douye Diri are expected to remain in office until January 15 and February 14, 2028, respectively.

The debt positions have followed different trajectories, with some states reducing either their domestic or external obligations despite the overall rise in combined debt.

Lagos State has the largest domestic debt burden among the 12 states, with its domestic debt standing at N1.205tn as of the latest period covered by the DMO data.

The figures highlight the significant financial obligations that incoming administrations in the affected states may inherit as the current governors approach the end of their tenures.