Nigeria’s public debt stock rose to N152.39 trillion in the second quarter of 2025, marking a 2.01% increase from the N149.38 trillion recorded in Q1, the National Bureau of Statistics (NBS) revealed on Monday. The report, part of the Nigerian Domestic and Foreign Debt Report for Q2 2025, highlights the country’s growing borrowing burden amid ongoing economic challenges.
The breakdown shows that Nigeria’s external debt stood at N71.84 trillion ($46.98 billion), while domestic debt reached N80.55 trillion ($52.67 billion). Domestic borrowing now accounts for 52.86% of the total public debt, slightly higher than external obligations, which make up 47.14% of the debt portfolio.
On a state level, Lagos State remains Nigeria’s highest debtor, with domestic obligations totaling N1.04 trillion in Q2 2025. Rivers State follows with N364.39 billion, while Jigawa State recorded the lowest domestic debt at just N852.49 million. Ondo State also had a relatively low figure at N10.64 billion, reflecting regional variations in borrowing patterns.
Lagos also leads in external debt, with $1.04 billion, followed by Kaduna State with $658.70 million. The Federal Capital Territory (FCT) reported the lowest external debt at $19.26 million, showing that capital allocation and borrowing priorities differ widely across the country’s states.
Analysts warn that while borrowing can support development, the steady rise in Nigeria’s debt stock may increase fiscal pressure if not matched by economic growth. The NBS report serves as a crucial benchmark for policymakers and investors to track the country’s debt trends, helping guide sustainable financial planning and transparency.
source: punch