Tinubu Seeks New Loans, Nigeria's Debt to Reach N195 Trillion

President Bola Ahmed Tinubu has initiated a move for new loans that could increase Nigeria's total public debt to N195 trillion. In two separate letters addressed to the Senate President Godswill Akpabio and House of Representatives Speaker Abba Tajudeen, Tinubu requested a $5 billion loan from the Abu Dhabi Bank to support infrastructure development.

This request would raise the country's debt stock from N110.3 trillion to N115.3 trillion. Additionally, he sought a $1 billion loan for the rehabilitation of the Lagos port complex, with arrangements through Citibank London.

The loans are structured with a repayment tenure of 14 years and an additional 48-month availability period. As of September 30, 2025, Nigeria's total public debt is projected to increase to N153.29 trillion, driven by both domestic and external obligations.

The International Monetary Fund has expressed concerns regarding Nigeria's high debt vulnerability among low-income countries, emphasizing the need for careful fiscal management.