Nigeria’s whole public debt climbed to N152.39 trillion within the second quarter of 2025, up from N149.38 trillion recorded within the first quarter, in response to new information launched on Monday by the Nationwide Bureau of Statistics (NBS).
The two.01% quarter-on-quarter improve displays the nation’s rising home and exterior borrowing obligations.
The NBS report reveals that Nigeria’s exterior debt stood at N71.84 trillion (46.98 billion {dollars}), whereas home debt amounted to N80.55 trillion (52.67 billion {dollars}) in Q2 2025.
The bureau famous that exterior debt accounted for 47.14% of whole public debt (in naira phrases), whereas home debt represented 52.86% through the interval.
State-by-State breakdown
Lagos State remained the nation’s most indebted subnational, posting a home debt profile of N1.04 trillion in Q2 2025. It was adopted by Rivers State with N364.39 billion.
Jigawa State recorded the bottom home debt at N852.49 million, whereas Ondo adopted with N10.64 billion.
On the exterior entrance, Lagos additionally led with 1.04 billion {dollars}, adopted by Kaduna State with 658.70 million {dollars}. The Federal Capital Territory (FCT) posted the bottom exterior debt at 19.26 million {dollars}.
FG borrowed N6.17 trillion in six months
Based on the Debt Administration Workplace (DMO), the Federal Authorities borrowed N6.17 trillion from the home debt market within the first half of 2025.
The borrowings had been primarily sourced by means of Federal Authorities of Nigeria (FGN) Bonds, Nigerian Treasury Payments (NTBs), and Promissory Notes (P-Notes), which type a part of the nation’s home debt construction.
The DMO famous that N4.48 trillion was raised in Q1 2025, with a further N1.70 trillion secured in Q2 — representing a 2.26% improve over the earlier quarter.
Debt service funds
BusinessTimes had reported that Nigeria’s exterior debt service funds rose to $932.1 million within the second quarter of 2025.
Knowledge from the DMO confirmed that out of the overall $932.1 million, multilateral collectors acquired $629.38 million, representing almost 68% of whole exterior debt service within the quarter.
The Japan Worldwide Cooperation Company (JICA), China Improvement Bank (CDB), and Agence Française de Développement (AFD) categorised by the Debt Administration Workplace (DMO) as bilateral collectors acquired a mixed whole of $41.18 million, whereas funds to business collectors, together with Eurobond holders and Unicredit SPA, amounted to $261.55 million.
What you need to know
Specialists have warned that Nigeria’s public debt is edging dangerously near unsustainable territory.
Based on capital market specialists who spoke on the Capital Market Teachers of Nigeria (CMAN) This fall 2025 Digital Symposium final month, Nigeria’s debt trajectory is changing into more and more fragile as a consequence of weak revenues, rising debt servicing prices, and chronic structural inefficiencies, regardless of official indicators suggesting that the nation’s debt-to-GDP ratio stays inside acceptable international thresholds.