Lagos State has emerged as the most indebted state in Nigeria.
According to the National Bureau of Statistics (NBS), as at the fourth quarter (Q4) 2025, Lagos state is owing a total of N1.22 trillion and $1.17 billion as domestic and external debts respectively.
Making the announcement on Monday, April 27, in its Q4 2025 domestic and external debt report, NBS said the country’s total debt stock, comprising domestic and external debt, during the quarter rose from N153.29 trillion or $103.94 billion in Q3 2025 to N159.28 trillion ($110.97 billion) in Q4 2025.
The report said this is an increase of 3.90 per cent on a quarter-on-quarter basis.
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.
