International ratings agency Fitch has upgraded the creditworthiness of Lagos, Kaduna, Kogi, and Oyo states from ‘B-’ to ‘B’, citing improved macroeconomic stability and policy reforms under President Tinubu’s administration.
The upgrade follows Nigeria’s sovereign rating boost in April 2025, with Fitch noting that federal revenue-sharing mechanisms and strong internally generated revenue (IGR) played key roles. Lagos State, in particular, stood out with 75% IGR contribution—far above the national average of 25%.
However, Fitch warned of exchange rate risks, as Kaduna’s 86% foreign-denominated debt and Kogi’s reliance on oil revenues remain concerns. Meanwhile, Lagos Governor Sanwo-Olu hailed the upgrade as proof of his T.H.E.M.E.S Plus Agenda’s success.
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