Nigeria’s public debt rose to N152.39 trillion (99.65 billion dollars) in the second quarter of 2025, reflecting a 2.01 per cent increase from the N149.38 trillion (97.23 billion dollars) recorded in the first quarter, according to new figures released on Monday by the National Bureau of Statistics (NBS).
The latest ‘Nigerian Domestic and Foreign Debt Report’ shows that the country’s total debt, comprising both external and domestic obligations, continued its upward trajectory as the government deepened borrowing to fund budgetary commitments and stabilise the economy.
According to the report, external debt stood at N71.84 trillion (46.98 billion dollars), while domestic debt amounted to N80.55 trillion (52.67 billion dollars) in Q2 2025.
In terms of composition, external debt accounted for 47.14 per cent of total public debt, while domestic debt represented 52.86 per cent, indicating that the government continued to rely slightly more on local borrowing within the period.
Lagos tops states with highest domestic and external debts.
A breakdown of subnational debt profiles shows that Lagos State remained the most indebted State domestically with N1.04 trillion in Q2 2025, far ahead of Rivers State, which ranked second with N364.39 billion.
At the lower end of the debt table, Jigawa State recorded the least domestic debt at N852.49 million, followed by Ondo State with N10.64 billion, according to the NBS.
Lagos also posted the highest external debt among states, owing 1.04 billion dollars, followed by Kaduna State with 658.70 million dollars.
The Federal Capital Territory (FCT) had the lowest external debt stock, with 19.26 million dollars as of the second quarter of 2025.
The figures underscore the widening fiscal pressures on both Federal and State governments amid rising expenditure needs, constrained revenue inflows, and the continued search for sustainable financing options.
- NAN