Lagos, Rivers Lead Borrowing as Nigeria’s Debt Hits N159.28 Trillion
Nigeria’s total public debt rose to N159.28 trillion in the fourth quarter of 2025, with Lagos State and Rivers State recording the highest levels of borrowing.
The figures were released by the National Bureau of Statistics (NBS) in its latest Domestic and Foreign Debt Report published in Abuja.
According to the report, the country’s debt increased from N153.29 trillion in Q3 2025, representing a 3.90% quarter-on-quarter rise.
### Debt Breakdown
The data shows a split between external and domestic debt:
– External debt: N74.43 trillion (46.73%)
– Domestic debt: N84.85 trillion (53.37%)
This indicates that domestic borrowing still makes up the larger share of Nigeria’s total debt profile.
### State-by-State Borrowing
At the subnational level:
– Lagos State recorded the highest domestic debt at N1.22 trillion
– Rivers State followed with N378.81 billion
On the lower end:
– Jigawa State had the least domestic debt at N1.60 billion
– Ondo State recorded N8.42 billion
### External Debt Rankings
For external borrowing:
– Lagos State also topped the list with $1.17 billion
– Kaduna State followed with $684.29 million
Meanwhile:
– The Federal Capital Territory had the lowest external debt at $26.80 million
– Zamfara State recorded $41.93 million
### Growing Debt Concerns
The report highlights a steady rise in borrowing across both federal and state governments, with major economic hubs like Lagos and Rivers leading due to their scale of infrastructure and development activities.
However, the increasing debt profile continues to raise concerns about sustainability, fiscal pressure, and the long-term impact on the country’s economy.
