Despite the increasing revenues being generated by the federal, state and local governments as the recent tax reforms and fiscal policy measures of the Federal Government continued to yield desired results, Nigeria’s public debt stock still increased from N149.38 trillion ($97.23 billion) in the first quarter of 2025 to N152.39 trillion ($99.65 billion) in the second quarter.
The National Bureau of Statistics (NBS), which gave these figures in its Nigerian Domestic and Foreign Debt Report for Q2 2025, released on Monday, reported that the debt stock reflected 2.01% growth on a quarter-on-quarter basis.
According to the statistics agency, the external debt as of the quarter under review stood at N71.84 trillion ($46.98 billion), while domestic debt totalled N80.55 trillion ($52.67 billion).
The bureau reported that the share of external debt to total public debt (in Naira value) in Q2 2025 stood at 47.14% while the share of domestic debt was 52.86%.
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An analysis of the debt profile based on sub-national governments’ indebtedness showed that Lagos State owed the highest domestic debt of N1.04 trillion in Q2 2025, followed by Rivers State with N364.39 billion while Jigawa recorded the lowest domestic debt at N852.49 million, followed by Ondo State at N10.64 billion.
On the external debt data, the report still reflected that Lagos State also recorded the highest external debt of $1.04 billion in the quarter under review, followed by Kaduna State with $658.70 million while the Federal Capital Territory recorded the lowest external debt totalling $19.26 million, followed by Yobe with $23.08 million as of the end of the quarter.
