According to Nairametrics Research, Jigawa, Ondo, and Anambra have emerged as the top three states with the lowest debt-to-internally generated revenue (IGR) ratios in 2025. These states have successfully maintained strong revenue generation while keeping their debt levels modest, indicating solid fiscal health.
The debt-to-IGR ratio is a crucial measure of a state's financial sustainability, comparing its outstanding debt to its internally generated revenue. A lower ratio signifies better financial flexibility and less reliance on federal allocations, which is essential for long-term economic stability.
Jigawa topped the list with an impressive debt-to-IGR ratio of just 2.40%, generating N66.73 billion in IGR against a mere N1.6 billion in debt. Meanwhile, Ondo and Anambra followed with ratios of 13.95% and 20.25%, respectively, showcasing their ability to manage debt effectively while fostering economic growth.
In contrast, Lagos, despite having the highest IGR at N1.769 trillion, reported a debt-to-IGR ratio of 68.93%, reflecting a significant debt burden compared to its revenue. This disparity highlights the varying fiscal strategies and economic conditions across Nigeria's states.