Tinubu Requests $21.7 Billion Loans Amid Debt Concerns

President Bola Tinubu has submitted a request to the Senate for approval of a plan to borrow $20.52 billion and €1.05 billion for 2026–2027, which would contribute to Nigeria's public debt nearing N200 trillion. In a letter to Senate President Akpabio, Tinubu outlined that the funds would finance essential infrastructure projects across all 36 states and the Federal Capital Territory, including sectors such as electricity, transportation, healthcare, agriculture, water supply, security, and employment generation.

The Senate Committee on Local and Foreign Debts has been tasked with reviewing the request and reporting back within one week. As of June 2026, Nigeria's public debt stood at N166.79 trillion, with domestic borrowing at N91.59 trillion and external obligations at N75.20 trillion.

The proposed loans could push the debt stock to approximately N199.41 trillion. The International Monetary Fund has projected that interest payments will consume 53.7% of revenue in 2026, highlighting the fiscal risks associated with the proposed borrowing.