President Bola Ahmed Tinubu has asked the National Assembly to approve new foreign loans totalling over $6 billion, a move that could push Nigeria’s total debt close to N195 trillion.
The request includes a $5 billion loan from Abu Dhabi and another $1 billion facility arranged through a London-based bank to fix and upgrade Lagos ports.
According to the president, the funds will be used for infrastructure projects, debt repayment, and improving key facilities like the Lagos Port and Tin Can Island Port.
If approved, Nigeria’s total debt is expected to increase from about $110 billion to over $115 billion.
However, the move has raised concerns. The International Monetary Fund (IMF) has already warned that countries like Nigeria are facing growing debt risks, especially with increased borrowing.
Back home, the Northern Elders Forum also criticised the government’s borrowing pattern, describing it as unsustainable and warning that it could affect the country’s future.
Meanwhile, the National Assembly has approved a N68.3 trillion budget for 2026, with a large portion going to debt servicing.
Some analysts are also worried about how quickly the loans are being approved, saying there should be more transparency and proper checks to ensure the money is well used.
