States’ budget surplus surges on fiscal reforms, repayments

...H1 surpluses increase to ₦7.1trn as FG boosts transfers, cuts waste Nigeria’s 36 States collectively recorded a budget surplus of ₦7.1 trillion in the first half of 2025 — equivalent to 3.1% of GDP — marking a sharp turnaround from 1.8% just two years ago. The increase reflects the i