Nigeria’s Public Debt Rises to N152.39 Trillion in Q2 2025

Nigeria’s public debt increased to N152.39 trillion in the second quarter of 2025, reflecting a 2.01 percent rise from the N149.38 trillion recorded in the first quarter. The latest figures show continued upward pressure on the country’s fiscal position as both external and domestic obligations expand.

According to the data, external debt stood at N71.84 trillion, while domestic debt reached N80.55 trillion. Domestic borrowing accounted for about 52.9 percent of the total, with external debt representing the remaining 47.1 percent. The figures indicate a modest shift toward local borrowing as the government navigates revenue constraints and ongoing economic reforms.

At the state level, Lagos maintained the highest domestic debt profile at N1.04 trillion, followed by Rivers State. Jigawa and Ondo recorded the lowest domestic debt levels at N852.49 million and N10.64 billion respectively. Lagos also led in external debt obligations among states, followed by Kaduna.

The continued rise in public debt reflects the strain on government finances and the growing need for improved revenue collection, spending discipline, and a more sustainable debt management strategy. Analysts note that the widening debt stock could place additional pressure on future budgets and limit fiscal flexibility if not matched by stronger economic growth and higher revenue performance.

The federal government is expected to face increased scrutiny over its borrowing plans as policymakers work to balance development priorities with long-term debt sustainability.