Lagos tops list as Nigeria’s public debt stock hits N159.28trn in Q4 2025

Nigeria’s public debt stock increased from N153.29 trillion ($103.94 billion) recorded in the third quarter of 2025 to N159.28 trillion ($110.97 billion) in the fourth quarter (Q4) of 2025.

The National Bureau of Statistics (NBS) disclosed this in its Nigerian Domestic and Foreign Debt Report for Q4 2025 released on Monday, April 27, 2026.

The NBS stated that Nigeria’s public debt stock, which included external and domestic debts, grew by 3.90 per cent on a quarter-on-quarter basis.

It said total external debt stood at N74.43 trillion, while domestic debt was N84.85 trillion within the period.

The bureau noted that the share of external debt to total public debt (in naira value) stood at 46.73 per cent in Q4 2025, while the share of domestic debt to total public debt was 53.37 per cent.

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In a breakdown by states, the NBS disclosed that Lagos State recorded the highest domestic debt of N1.22 trillion in Q4 2025, followed by Rivers State with N378.81 billion.

The NBS stated that Jigawa State recorded the lowest domestic debt with N1.60 billion, followed by Ondo State with N8.42 billion.

The NBS said Lagos State also recorded the highest external debt in Q4 2025 with $1.17 billion, followed by Kaduna State with 684.29 million dollars.

It added that the Federal Capital Territory (FCT) recorded the lowest external debt in Q4 2025 with $26.80 million, followed by Zamfara State with 41.93 million dollars.