Nigeria’s total public debt rose to N159.28 trillion in the fourth quarter of 2025, with Lagos and Rivers states accounting for the highest levels of borrowing, according to the National Bureau of Statistics (NBS).

The NBS disclosed this in its Nigerian Domestic and Foreign Debt Report released in Abuja on Monday, noting that the country’s debt stock increased from N153.29 trillion in the third quarter of 2025, representing a 3.90 per cent quarter-on-quarter rise.

A breakdown of the figures showed that external debt stood at N74.43 trillion, while domestic debt climbed to N84.85 trillion during the period. External debt accounted for 46.73 per cent of the total, while domestic debt made up 53.37 per cent.

At the subnational level, Lagos State recorded the highest domestic debt at N1.22 trillion, followed by Rivers State with N378.81 billion.

In contrast, Jigawa State posted the lowest domestic debt at N1.60 billion, with Ondo State following at N8.42 billion.
For external borrowing, Lagos also topped the list with $1.17 billion, while Kaduna State ranked second with $684.29 million. The Federal Capital Territory recorded the lowest external debt at $26.80 million, followed by Zamfara State with $41.93 million.
The report highlights widening debt levels across federal and state governments, with major economic hubs such as Lagos and Rivers leading in both domestic and external borrowings.