Nigeria’s total public debt climbed to N152.39 trillion in the second quarter of 2025, up from N149.38 trillion recorded in the first quarter, according to new data released on Monday by the National Bureau of Statistics (NBS).
The 2.01% quarter-on-quarter increase reflects the country’s rising domestic and external borrowing obligations.
The NBS report shows that Nigeria’s external debt stood at N71.84 trillion (46.98 billion dollars), while domestic debt amounted to N80.55 trillion (52.67 billion dollars) in Q2 2025.
The bureau noted that external debt accounted for 47.14% of total public debt (in naira terms), while domestic debt represented 52.86% during the period.
Lagos State remained the country’s most indebted subnational, posting a domestic debt profile of N1.04 trillion in Q2 2025. It was followed by Rivers State with N364.39 billion.
Jigawa State recorded the lowest domestic debt at N852.49 million, while Ondo followed with N10.64 billion.
On the external front, Lagos also led with 1.04 billion dollars, followed by Kaduna State with 658.70 million dollars. The Federal Capital Territory (FCT) posted the lowest external debt at 19.26 million dollars.
According to the Debt Management Office (DMO), the Federal Government borrowed N6.17 trillion from the domestic debt market in the first half of 2025.
The borrowings were mainly sourced through Federal Government of Nigeria (FGN) Bonds, Nigerian Treasury Bills (NTBs), and Promissory Notes (P-Notes), which form part of the nation’s domestic debt structure.
The DMO noted that N4.48 trillion was raised in Q1 2025, with an additional N1.70 trillion secured in Q2 — representing a 2.26% increase over the previous quarter.
Experts have warned that Nigeria’s public debt is edging dangerously close to unsustainable territory.
According to capital market specialists who spoke at the Capital Market Academics of Nigeria (CMAN) Q4 2025 Virtual Symposium last month, Nigeria’s debt trajectory is becoming increasingly fragile due to weak revenues, rising debt servicing costs, and persistent structural inefficiencies, despite official indicators suggesting that the nation’s debt-to-GDP ratio remains within acceptable global thresholds.