Nigeria's House of Reps Approve $2.35bn Loan Request Amid Debt Concerns

The House of Representatives in Nigeria has approved President Bola Tinubu's request for a $2.35 billion loan to help finance the 2025 budget deficit. This decision comes amidst growing concerns about the country's escalating debt levels, with Nigeria's total debt reaching 149.39 trillion in the first quarter of 2025.

Despite warnings from the Speaker of the House, Tajudeen Abbas, about the critical state of Nigeria's debt levels, the President maintains that the current administration is borrowing responsibly.