President Bola Ahmed Tinubu has submitted a fresh request to the National Assembly for approval to secure an external loan package totaling $21.5 billion, alongside additional domestic borrowing of ₦758 billion, earmarked for the settlement of pension obligations.
This development comes amid growing concerns over Nigeria’s escalating debt profile, which currently stands at ₦144 trillion—an equivalent of approximately $94 billion. If approved, the new external loan could push the nation’s total public debt closer to the $100 billion mark, a symbolic threshold that has raised alarm among economists and citizens alike.
The presidency has yet to publish a detailed breakdown of how the new loans will be spent or what safeguards are in place to ensure transparency and efficiency. However, critics are questioning the growing debt burden in the face of Nigeria's underwhelming development outcomes, rising unemployment, and inflation.
"With debt rising and development lagging, who is really benefiting from these loans?" a concerned analyst asked on social media, reflecting a widespread sentiment among Nigerians increasingly skeptical of government borrowing.
Economic experts warn that continued reliance on loans without visible improvements in infrastructure, education, healthcare, or economic diversification could mortgage the country’s future and stifle long-term growth.
The National Assembly is expected to deliberate on the request in the coming days.
Stay tuned for more updates on this developing story.
