Nigeria’s total public debt climbed to N159.28 trillion in the fourth quarter of 2025, according to the latest Nigerian Domestic and Foreign Debt Report released by the National Bureau of Statistics (NBS) in Abuja. The rise represents a 3.90 percent quarter‑on‑quarter increase from N153.29 trillion recorded in the third quarter of 2025.
The report shows that the debt stock is now split almost evenly between external and domestic borrowing. External debt stands at N74.43 trillion, or 46.73 percent of the total, while domestic debt has risen to N84.85 trillion, accounting for 53.37 percent. The combined figure underscores a continued upward trajectory in both categories.
At the sub‑national level, Lagos State recorded the highest domestic debt, amounting to N1.22 trillion. Rivers State follows with N378.81 billion in domestic borrowing. By contrast, Jigawa State posted the lowest domestic debt at N1.60 billion, with Ondo State next at N8.42 billion.
External borrowing mirrors the domestic pattern. Lagos again leads, having secured $1.17 billion in foreign loans, while Kaduna State ranked second with $684.29 million. The Federal Capital Territory recorded the smallest external debt balance at $26.80 million, closely followed by Zamfara State with $41.93 million.
The NBS data highlights a widening debt gap among Nigeria’s federal and state governments, with economically vibrant regions such as Lagos and Rivers driving much of the increase. The concentration of both domestic and external borrowings in these states reflects their role as major commercial and industrial hubs, but also raises concerns about fiscal sustainability if borrowing continues to outpace revenue growth.
Nigeria’s debt trajectory has broader implications for macro‑economic stability, investor confidence, and the country’s ability to fund public services. Policymakers will need to balance the financing needs of growth‑oriented projects with prudent debt management to avoid exacerbating fiscal pressures. The NBS report provides the most recent benchmark for monitoring these trends as the nation navigates its fiscal outlook.
