President Bola Ahmed Tinubu has written to the Senate seeking approval for a $516 million loan from Deutsche Bank to finance the Sokoto–Badagry Super Highway project.
If approved, Nigeria’s total public debt will rise from about ₦169 trillion to approximately ₦170 trillion.
President Tinubu inherited a total public debt of about ₦49.85 trillion in May 2023. This means Nigeria’s debt has increased by over ₦120 trillion in under three years, driven by a combination of new borrowing and the impact of exchange rate depreciation on external debt.
While the $516 million loan represents less than 1% of the total debt profile, it further adds to Nigeria’s growing borrowing levels amid ongoing concerns about debt sustainability.
The request has been referred to the Senate Committee on Local and Foreign Debts for review, as lawmakers examine the terms and implications of the facility.
