Nigeria’s total public debt rose to N159.28 trillion in the fourth quarter of 2025, the National Bureau of Statistics (NBS) reported on Monday. The increase represents a 3.90 percent quarter‑on‑quarter rise from N153.29 trillion in the third quarter.
The NBS disclosed the figures in its “Nigerian Domestic and Foreign Debt Report,” released in Abuja. External debt stood at N74.43 trillion, while domestic debt grew to N84.85 trillion, meaning foreign borrowing accounted for 46.73 percent of the total and internal borrowing 53.37 percent.
At the state level, Lagos recorded the highest domestic debt at N1.22 trillion, followed by Rivers with N378.81 billion. Jigawa posted the lowest domestic debt at N1.60 billion, with Ondo close behind at N8.42 billion.
External borrowing showed a similar pattern. Lagos topped the list with $1.17 billion in foreign debt, and Kaduna ranked second with $684.29 million. The Federal Capital Territory held the smallest external debt at $26.80 million, followed by Zamfara with $41.93 million.
The report underscores a widening debt burden across both federal and sub‑national governments. Major economic centres such as Lagos and Rivers are leading in both domestic and external borrowing, reflecting their role as fiscal engines for the country.
The growing debt stock raises questions about fiscal sustainability and debt‑service capacity, especially as the government prepares the 2025 budget and seeks to balance development needs with macro‑economic stability.
