Nigeria’s public debt is poised to surpass N180 trillion following President Bola Tinubu’s request to the National Assembly for approval to secure new external and domestic loans totalling N34.15 trillion.
According to letters addressed to the Senate and House of Representatives, the President is seeking approval for a new external borrowing plan amounting to over $21.5 billion, equivalent to N33.39 trillion at the official exchange rate of N1,590 per dollar. Additionally, he is requesting approval for the issuance of domestic bonds worth N757.9 billion to settle outstanding pension liabilities.
The letters, read during plenary sessions by Senate President Godswill Akpabio and House Speaker Tajudeen Abbas, emphasised the strategic importance of the 2025–2026 borrowing plan, which targets key sectors of the economy.