Nigerian Economic Update Issue 40

According to Nigeria’s Domestic and Foreign Debt Q2 2026 report by the National Bureau of Statistics (NBS), Nigeria’s public debt stock reached ₦166.79 trillion (US$120.93 billion), up from ₦159.35 trillion (US$114.95 billion) in Q1 2026, representing a quarter-on-quarter growth of 4.67%. Total external debt stood at ₦75.20 trillion, while total domestic debt was ₦91.59 trillion. Furthermore, domestic debt accounted for 54.91% of total public debt, compared with 45.09% for external debt. At the state level, Lagos recorded the highest domestic debt in Q2 2026 at ₦1.20 trillion, followed by Delta (₦369.30 billion), while Jigawa (₦1.04 billion) had the lowest, followed by Ondo (₦6.16 billion).

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