Nigeria’s public debt hits N159.28trn as borrowing rises to $110.97bn in Q4 2025

ABUJA — Nigeria’s public debt stock climbed further to N159.28 trillion in the fourth quarter of 2025, reflecting a steady rise in government borrowing amid growing fiscal pressures.

The figure, which represents both external and domestic obligations, rose from N153.29 trillion recorded in the third quarter, according to the latest Nigerian Domestic and Foreign Debt Report released by the National Bureau of Statistics (NBS) in Abuja on Monday.

This indicates a quarter-on-quarter increase of 3.90 percent.

In dollar terms, total public debt also rose from $103.94 billion to $110.97 billion within the same period.

The report shows that domestic debt continues to outweigh external obligations, with total local borrowing standing at N84.85 trillion, while external debt rose to N74.43 trillion.

In percentage terms, domestic debt accounted for 53.37 percent of the total public debt stock, while external debt made up 46.73 percent.

A breakdown by states revealed that Lagos State retained its position as the most indebted sub-national government, with domestic debt put at N1.22 trillion and external debt at $1.17 billion.

Rivers State followed with N378.81 billion in domestic debt, while Kaduna State recorded $684.29 million in external obligations.

At the lower end of the scale, Jigawa State posted the least domestic debt at N1.60 billion, followed by Ondo State with N8.42 billion.

For external borrowing, the Federal Capital Territory recorded the lowest figure at $26.80 million, while Zamfara State followed with $41.93 million.