Loans Under President Tinubu Hit $2.3bn as FG Seeks Additional ₦1.15tn Borrowing

The administration of President Bola Ahmed Tinubu has requested Senate approval for a fresh ₦1.15 trillion loan from the domestic debt market, further expanding Nigeria’s borrowing portfolio under his leadership. The latest request comes shortly after the National Assembly approved a $2.3 billion external loan to support the 2025 budget and refinance maturing obligations.

The new borrowing request, contained in a letter transmitted to the Senate and read during plenary, forms part of measures by the Federal Government to close funding gaps in the 2025 Appropriation Act. According to the letter, the domestic facility is intended to “bridge the budget deficit and enable the effective implementation of government programmes and ongoing national projects.”

This marks the second major loan request within days, following the Senate’s recent approval of a $2.3bn foreign borrowing plan, which includes Eurobond issuance and refinancing of Nigeria’s maturing Eurobond debts. The government argues that the combined borrowing strategy is essential to sustain fiscal stability, finance critical infrastructure, and maintain investor confidence in the economy.

With this new demand, total known borrowings sought under President Tinubu now stand at ₦1.15 trillion domestically and $2.3 billion externally within the 2025 fiscal cycle.

While government officials defend the borrowing as necessary to stimulate growth and protect Nigeria’s credit standing, critics have raised fresh concerns about the country’s rising debt profile. Nigeria’s public debt has continued to expand amid lower-than-expected oil revenues, persistent inflationary pressures, and increasing debt-servicing commitments.

The Senate has referred the latest request to the Committee on Local and Foreign Debt for further legislative scrutiny and is expected to receive a report within one week.

As Nigeria navigates a challenging economic landscape, the administration maintains that structured borrowing, combined with reforms, remains vital to meeting fiscal obligations and delivering key capital projects across the federation.