Business
NBS rates Lagos most indebted Nigerian state with N1.22trn domestic debt
While Lagos State had the highest domestic debt in Q4 2025 with N1.22 trillion, Rivers came second with N378.81 billion, while Jigawa State recorded the lowest with N1.60 billion, followed by Ondo with N8.42 billion.
• Lagos Governor , Babajide Sanwo-Olu
Lagos State has been ranked emerging as the most indebted state in Nigeria, owing creditors a total of N1.22 trillion and $1.17 billion in domestic and external debts, respectively,
In its Q4 2025 domestic and external debt report, the National Bureau of Statistics (NBS) said that the country’s total debt stock, comprising domestic and external debt, rose from N153.29 trillion or $103.94 billion in Q3 2025 to N159.28 trillion or $110.97 billion in Q4 2025.
The report said this represented an increase of 3.90 per cent on a quarter-on-quarter basis, adding that total external debt stood at N74.43 trillion, while total domestic debt was N84.85 trillion in Q4 2025.
The share of external debt, in naira value, was 46.73 per cent in Q4 2025, while the share of domestic debt, also in naira value, stood at 53.27 per cent of total public debt.
While Lagos State had the highest domestic debt in Q4 2025 with N1.22 trillion, Rivers came second with N378.81 billion, while Jigawa State recorded the lowest with N1.60 billion, followed by Ondo with N8.42 billion.
Lagos State also recorded the highest external debt over the reference period with $1.17 billion, followed by Kaduna with $684.29 million, while the Federal Capital Territory (FCT) had the lowest with $26.80 million, followed by Zamfara with $41.93 million, the NBS said.
According to the bureau, other heavily indebted states are Bauchi with $220.57 million and N156.05 billion as external and domestic debts respectively;
Delta with $63.42 million and N248.83 billion as external and domestic debts respectively; and Enugu with $99.88 million and N157.60 billion as external and domestic debts, respectively.
Official CBN Exchange Rates
US DOLLAR (USD) ₦1,380. 11
GREAT BRITISH POUND (GBP) ₦1,818.34
EURO (EUR) ₦1,566.84
SWISS FRANC (CHF) ₦1,698.80
JAPANESE YEN (JPN) ₦8.53
CHINESE YUAN (CNY) ₦202. 99
WEST AFRICAN CFA (XOF) ₦2.39
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,866. 38
SAUDI RIYAL (SAR) ₦367.54
SOUTH AFRICAN RAND (ZAR) ₦83.65
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 392 Sell ₦1, 395
GREAT BRITISH POUND (GBP) Buy ₦1,850 Sell: ₦1,865
EURO (EUR) Buy ₦1, 580 Sell ₦1,600
CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370
CHINESE YUAN Buy ₦180 Sell ₦200
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460
CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
Official CBN Exchange Rates
US DOLLAR (USD) ₦1,380.08
GREAT BRITISH POUND (GBP) ₦1,815. 63
EURO (EUR) ₦1,566.63
SWISS FRANC (CHF) ₦1,696.05
JAPANESE YEN (JPN) ₦8.53
CHINESE YUAN (CNY) ₦202.62
WEST AFRICAN CFA (XOF) ₦2.38
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,858. 54
SAUDI RIYAL (SAR) ₦367.58
SOUTH AFRICAN RAND (ZAR) ₦82. 91
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 390 Sell ₦1, 395
GREAT BRITISH POUND (GBP) Buy ₦1,845 Sell: ₦1,865
EURO (EUR) Buy ₦1, 580 Sell ₦1,600
CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370
CHINESE YUAN Buy ₦180 Sell ₦200
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460
CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
Dangote Petroleum Refinery has strongly rejected allegations that its refined petroleum products are exported to Lomé, Togo, and later re-imported into Nigeria.
In a statement issued on Tuesday, the refinery described the claims as “a web of falsehoods,” “baseless,” and “unsubstantiated,” arguing they lack commercial logic and contradict its core business objectives of boosting local production and achieving energy self-sufficiency.
The refinery emphasized that its sales contracts and tender terms explicitly prohibit buyers from reselling or re-importing the products back into Nigeria. It further noted that available trade data and the high costs of round-trip shipping (estimated at US$68–90 per ton) make such a scheme economically unviable.
The allegations surfaced amid reports suggesting that a significant portion of Nigeria’s seaborne fuel imports between March and May 2026 originated from Dangote products rerouted through the offshore ship-to-ship trading hub in Lomé.
Some marketers claimed pricing differences made it cheaper to buy from foreign traders via Togo.
Dangote Refinery dismissed these assertions, insisting there is no evidence to support them and reaffirming its commitment to supplying high-quality fuels directly to the Nigerian market at competitive prices.
The development highlights ongoing tensions as the refinery continues to reduce Nigeria’s reliance on fuel imports.
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