Uthman Salaudeen
Nigeria’s total public debt is projected to rise to about N155.1 trillion following the Senate’s swift approval of a fresh $6 billion external loan request by President Bola Tinubu.
The approval, granted on Tuesday, came barely three and a half hours after the request was read on the floor of the Senate by Senate President Godswill Akpabio.
At an estimated exchange rate of N1,400 to the dollar, the new borrowing translates to about N8.4 trillion, pushing the country’s debt stock from N146.69 trillion as of the end of 2025 to over N155 trillion.
Economic analysts have raised concerns over the implications of the additional borrowing, warning of increased exposure to foreign exchange risks and a potential worsening of Nigeria’s debt service-to-revenue ratio.
The ratio, already projected at about 60 per cent by the end of 2025, could come under further pressure as the government takes on more external obligations.
Reacting to the development, former Vice President Atiku Abubakar criticised the National Assembly for what he described as a “lightning-speed” approval of the loan request, raising concerns over legislative scrutiny.
The Federal Government, however, maintains that the facility is necessary to support budget implementation, fund critical infrastructure projects, and manage existing debt obligations.
