By Charles Pemu 
President Bola Tinubu has asked the National Assembly to approve additional external and domestic borrowings totaling ₦34.15 trillion, potentially pushing Nigeria’s public debt beyond ₦180 trillion. The request includes over $21.5 billion (₦33.39 trillion) in foreign loans and a ₦757.9 billion domestic bond to offset pension arrears.
In letters to both chambers of the National Assembly, Tinubu stated that the 2025–2026 borrowing plan targets infrastructure, health, education, agriculture, and economic reforms. He argued the loans are necessary to bridge Nigeria’s infrastructure gap and mitigate the economic strain caused by subsidy removal.
The President emphasized that the funds would be invested in critical sectors like rail, healthcare, and employment programmes across all 36 states and the FCT. He also highlighted the pressing need to clear pension arrears under the Contributory Pension Scheme, which he said had caused undue hardship for retirees.
If approved, the new borrowings, alongside the ₦10.85 trillion raised from domestic investors between January and April, would drive Nigeria’s total debt above ₦180 trillion. Analysts have expressed concern over the country’s rising debt service-to-revenue ratio, which has already ballooned to 131% in early 2025.
Experts warn that while borrowing can stimulate growth if properly channeled, Nigeria must prioritize transparency, fiscal reforms, and improved revenue collection to avoid deepening its debt burden.