Under Okpebholo, Edo debt rises, now Nigeria’s sixth most indebted state

Edo State's domestic debt has seen a dramatic increase under Governor Monday Okpebholo, climbing from N113 billion at the end of 2024 to N172.37 billion by March 2026. This surge has propelled the state from 12th to sixth among Nigeria's most indebted states, according to the Debt Management Office (DMO).

The latest DMO data reveals a staggering N81.19 billion increase in Edo's domestic debt within just three months, from December 2025 to March 2026. This represents an 89% jump, placing the state firmly in sixth position. This sharp rise contrasts with a period of declining debt throughout 2025, when the state's domestic debt fell from N113 billion in December 2024 to N76.13 billion by September 2025.

Governor Okpebholo assumed office on November 12, 2024. Upon his inauguration, Edo's domestic debt stood at N113 billion. While the debt decreased in the first three quarters of 2025, it began to reverse in the final quarter, rising to N91.18 billion by December 2025. The most significant increase occurred in the first quarter of 2026.

An examination of Edo State's budget performance reports indicates that the administration began obtaining loans in the third quarter of 2025. Borrowing increased substantially in early 2026, with the state government securing a N46.71 billion loan from commercial banks between January and March. This single loan accounts for more than half of the N81.19 billion debt increase during that period. However, the figures suggest that this commercial borrowing alone does not fully explain the total debt increase, leaving a portion of the movement requiring further clarification from the state government.