Tinubu Seeks Approval for $20.52 Billion Loan in Nigeria
President Bola Tinubu has requested the National Assembly's approval to raise $20.52 billion and €1.045 billion in new external loans, highlighting Nigeria's significant public debt burden. As of June 30, 2026, Nigeria's total public debt reached ₦166.79 trillion, with domestic debt at ₦91.59 trillion and external debt at ₦75.20 trillion.
This marks a substantial increase from ₦11.24 trillion in December 2014. Concerns among Nigerians focus on the effective deployment and management of borrowed funds, especially given that over 70 percent of government revenue is currently used for debt servicing.
The composition of Nigeria's debt portfolio raises questions about the link between borrowing and productive investment, with discretionary FGN Bonds making up a large portion of the domestic debt stock, while FGN Sukuk and Green Bonds represent a minimal share.
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