Mirian Gom 
LAGOS, Nigeria – Nigeria’s public debt surged to N152.39 trillion in Q2 2025, with Lagos State topping the domestic debt list at N1.04 trillion, according to the National Bureau of Statistics (NBS).
The debt portfolio, comprising both external and domestic obligations, rose 2.01% quarter-on-quarter. Domestic debt now represents 52.86% of total debt, while external debt stands at 47.14%.
The Federal Government remains the largest borrower at N141.07 trillion, including N76.58 trillion domestically and N64.48 trillion externally. States collectively owe N11.32 trillion, with Lagos, Rivers, and Jigawa at the top and bottom of domestic debt rankings, respectively.
“Lagos recorded the highest domestic debt in Q2 2025… followed by Rivers,” the NBS noted, highlighting fiscal disparities across states and the increasing burden of public borrowing.
Analysts warn that rising debt levels could impact state budgets, service delivery, and long-term economic sustainability. The data underscores the need for prudent fiscal management and revenue diversification to mitigate debt pressures.
About the Author
Oluwafunbi Bello 
Oluwatobi Adu 
Koko Maxwella 
Hussaini Ibrahim