Nigeria’s public debt rose to N152.39 trillion (about $99.65 billion) in the second quarter of 2025, marking a 2.01 % increase from the first quarter, according to the National Bureau of Statistics’ Nigerian Domestic and Foreign Debt Report. The country’s external debt stands at N71.84 trillion ($46.98 billion), while domestic debt amounts to N80.55 trillion ($52.67 billion). External debt represents 47.14 % of total public debt, with domestic debt accounting for the remaining 52.86 %.
A state‑by‑state breakdown shows considerable variation in debt levels. Lagos State carries the highest domestic debt at N1.04 trillion, followed by Rivers State with N364.39 billion. At the opposite end, Jigawa records the lowest domestic debt at N852.49 million, with Ondo State next at N10.64 billion. In terms of external debt, Lagos also leads with $1.04 billion, while Kaduna State follows with $658.70 million. The Federal Capital Territory has the smallest external debt, amounting to $19.26 million.
The rise in public debt is notable amid Nigeria’s broader economic challenges. Debt has been increasing as the government seeks to finance budget deficits and fund infrastructure projects. The NBS report underscores the importance of effective debt management and fiscal discipline. While the government works to diversify the economy and reduce reliance on oil revenues—subject to global price volatility—the debt situation will remain a central concern for policymakers. Balancing the need for critical infrastructure investment against the risk of mounting debt will be crucial as Nigeria navigates its economic landscape, and the latest figures will be closely monitored by investors, analysts, and citizens alike.
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