Nigeria External Debt Hits 51 Billion Dollars as Lagos and Kaduna Lead Subnational Borrowing

NBS data shows Nigeria's external debt reached 51 billion dollars in Q4 2025, with Lagos and Kaduna states topping the subnational borrowing list.

By: AXL Media

Published: Apr 27, 2026, 11:12 AM EDT

Source: Information for this report was sourced from Legit.ng

National External Debt Composition and Growth

The National Bureau of Statistics (NBS) reported on Monday that Nigeria’s total external debt stock reached 51 billion dollars by the end of the fourth quarter of 2025. This figure represents approximately 46.73% of the nation’s total public debt. The rising debt profile comes amid heightened scrutiny of fiscal sustainability at both federal and state levels, as foreign exchange pressures continue to influence the naira value of external obligations, which currently stands at N74.43 trillion.

Subnational External Debt Rankings

Lagos State continues to lead Nigeria’s subnational external debt profile with an obligation of 1.17 billion dollars. This puts the state significantly ahead of Kaduna, which holds the second highest position at 684.29 million dollars, and Edo State at 354.03 million dollars. At the lower end of the spectrum, the Federal Capital Territory (FCT) recorded the least external debt at 26.80 million dollars, followed by Zamfara State with 41.93 million dollars.

Domestic Debt Trends and Subnational Leaders

The Debt Management Office (DMO) also released figures for domestic public debt, which stood at N4.36 trillion in the final quarter of 2025. Mirroring the external trends, Lagos State recorded the highest domestic debt stock at N1.22 trillion. Rivers State followed with N378.81 billion, and Delta State reported N248.83 billion. Conversely, Jigawa State maintained the lowest domestic debt at N1.60 billion, highlighting significant disparities in subnational borrowing strategies.