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According to the latest data from the Debt Management Office (DMO), Edo State’s domestic debt has risen sharply under the administration of Governor Monday Okpebholo, climbing from N113 billion at the end of 2024 to N172.37 billion by March 2026.
This steep increase has moved the state from 12th position to sixth among Nigeria’s most indebted states in domestic debt rankings.
The jump follows a fluctuating period in 2025 when the debt initially declined to N76.13 billion by September before rising back to N91.18 billion by the end of that year.
The DMO records reveal that the debt surged by N81.19 billion between December 2025 and March 2026 alone, marking an 89 per cent increase in just three months.
Budget performance reports indicate that the administration obtained a N10.64 billion loan in the third quarter of 2025, followed by a substantial N46.71 billion borrowing from commercial banks between January and March 2026.
This mounting financial obligation has similarly driven up debt-servicing costs. In the first three months of 2026 alone, the government expended N12.79 billion on public debt charges, which amounts to nearly 30 per cent of the total N43.73 billion spent on public debt obligations throughout the entire 2025 fiscal year.
According to a report from PREMIUM TIMES, the Okpebholo administration also recorded N14.15 billion in extra-budgetary spending, further fueling public discourse regarding fiscal discipline.
Financial analysts note that the core question facing the state’s fiscal managers is whether these massive borrowings will translate into durable infrastructure and sustainable economic value without overwhelming future public budgets.
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