Edo Ranks 6th Most Indebted, Accrues N59.37bn in Q1 Amid Worst Momentum in Phillips Consulting Index
By Marian Alekhue
Edo State’s domestic debt stock has risen sharply to N172.37 billion, placing the state among Nigeria’s six most indebted states by domestic borrowing, according to the latest figures released by the Debt Management Office (DMO).
The DMO’s March 31, 2026 sub-national debt report, published on June 30, shows that Edo’s domestic debt increased from N91.18 billion at the end of December 2025 to N172.37 billion three months later.
The increase of about N81.19 billion in a single quarter represents an 89 per cent rise in the state’s domestic debt stock between December 2025 and March 2026.
The latest figure also represents a significant increase from the N113 billion recorded by Edo at the end of 2024. The state’s domestic debt has therefore risen by about N59.37 billion from its 2024 year-end position.
The debt figures have assumed greater significance coming shortly after the release of the 2026 Phillips Consulting State Performance Index (pSPI), which placed Edo at the bottom of its State Performance Momentum Index.
Phillips Consulting assessed 33 states in the Momentum Index, measuring how much each state improved relative to the national average during the review period. Edo recorded a -0.79 momentum score, the weakest performance among the states assessed, followed by Imo at -0.72 and Katsina at -0.66.
The consultancy said the Momentum Index was designed to measure the trajectory of progress, rather than simply ranking states according to their absolute level of development. Its 2026 State Performance Index combines 70 per cent objective secondary data with 30 per cent citizen perception across seven areas, including security, education, healthcare, infrastructure, governance, economic development and fiscal performance.
The report’s findings put Edo’s growing debt burden into a broader fiscal and governance context.
Phillips Consulting identified stronger fiscal management, improvements in internally generated revenue, investment in public services and prudent debt management as among the factors associated with stronger performance by leading states.
At the opposite end, Edo’s negative momentum score raises questions about the relationship between the state’s rising borrowing and its development trajectory.
The debt figures, however, should not be interpreted to mean that all of the increase occurred under the current administration. Governor Monday Okpebholo assumed office in November 2024, while the DMO figures cover accumulated debt stocks at specific reporting dates.
Nevertheless, the sharp increase recorded between December 2025 and March 2026 places renewed attention on the state’s current borrowing pattern and the purposes for which additional liabilities are being incurred.
The DMO remains the authoritative source for Nigeria’s sub-national debt data and currently lists its March 31, 2026 States and FCT Domestic Debt Stock as its latest quarterly domestic debt publication.
The Phillips Consulting assessment has meanwhile generated debate over what the ranking means for the current administration, particularly because its methodology draws on FY2024 audited state accounts and other data covering periods that overlap with the transition between administrations.
Phillips Consulting said two states—Rivers and the FCT—were excluded from the Momentum Index because they had not published their FY2024 audited financial statements by the June 2026 cut-off date.
For Edo, however, the juxtaposition of the latest DMO debt figures with the Phillips Consulting assessment presents a stark picture: the state’s domestic debt climbed by more than N81 billion in the first quarter of 2026, even as Edo recorded the weakest improvement trajectory among the 33 states assessed.
The development is likely to intensify calls for greater transparency over the state’s borrowing, debt-servicing obligations and the extent to which new liabilities are being converted into productive infrastructure and measurable improvements in the welfare of Edo residents.
