Nigeria’s Debt Heads for ₦180 Trillion as Tinubu Seeks Fresh ₦34.15 Trillion Loan Approval

Nigeria’s public debt profile is set to exceed ₦180 trillion as President Bola Ahmed Tinubu has officially requested the approval of a fresh ₦34.15 trillion loan from the National Assembly, sparking a new wave of economic and political debates across the country.

The loan request, which includes $21.5 billion in external borrowing and over ₦757 billion in domestic debt, was presented to both chambers of the National Assembly on Tuesday. This move follows Tinubu’s earlier borrowing plans and is now drawing fresh scrutiny from analysts and critics of the administration.

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The President, in a letter read by Senate President Godswill Akpabio, stated that the loans are intended to fund “critical infrastructure projects and bridge the current budgetary gaps caused by declining oil revenue and subsidy removal.”

“The country faces a significant infrastructure deficit,” Tinubu wrote. “The proposed borrowing will enable the government to invest in projects that drive growth, create jobs, and support national development.”

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However, with Nigeria’s total debt already standing at ₦146 trillion as of Q1 2025, the new loan proposal would raise concerns about sustainability, repayment burden, and the actual impact on the economy. Experts now project the debt figure could climb past ₦180 trillion before the end of the year if the National Assembly gives a green light.

Economists argue that this debt accumulation, while sometimes necessary for development, lacks transparency in how borrowed funds are spent.

“We are moving from crisis to catastrophe,” warned Dr. Ngozi Adeyemi, a Lagos-based financial analyst. “It’s not just about how much we borrow it’s about what we do with it. Where are the results of the last loans?”

Some lawmakers have started voicing opposition. Senator Enyinnaya Abaribe, a longtime critic of excessive borrowing, said, “President Tinubu is making his government and circle of allies great not Nigeria. The people are being plunged into debt while the elite keep winning.”

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The fresh borrowing includes:

• $21.5 billion from multilateral and bilateral sources,

• €2.19 billion and ¥15 billion from European and Japanese partners,

• A €65 million grant,

• ₦757 billion in domestic bonds for pension shortfalls.

The Tinubu administration insists that the loans will support initiatives in agriculture, healthcare, education, energy, transportation, and water supply. Yet, citizens across the country are demanding more transparency on past loans, with some asking: Where are the projects?

Civil society organizations are now urging the Senate and House of Representatives to carry out a full audit of previous loans before considering new ones.

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“Nigerians deserve to know how much has been borrowed and what it has been used for,” said Yemi Falana of the Budget Accountability Network. “This debt crisis is being built on silence, secrecy, and suffering.”

With inflation at 31.2%, unemployment on the rise, and the naira facing continued devaluation pressure, the proposed new borrowing could further strain Nigeria’s financial future unless managed with discipline, transparency, and a clear roadmap for return on investment.

As debates heat up in parliament, citizens brace for what could be another wave of economic adjustment and possibly more hardship.

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