President Bola Tinubu has formally asked the National Assembly to green-light additional borrowing of ₦34.15 trillion, a move set to push Nigeria’s total public debt past ₦180 trillion.
In separate letters read in both chambers, Tinubu detailed proposals for \$21.54 billion (≈₦33.39 trillion at ₦1,590/\$) in new foreign loans and a ₦757.9 billion domestic bond issue to clear accrued pension liabilities.
The foreign-borrowing package spans USD, EUR, and Japanese Yen, plus a €65 million grant, earmarked for infrastructure, agriculture, health, education, water supply, security, and job creation.
Tinubu justified the “prudent economic borrowing” by citing the removal of fuel subsidies and the urgent need to close Nigeria’s infrastructure gap.
On pensions, the President invoked the Pension Reform Act to explain the bond issue—approved by the Federal Executive Council on February 4—to settle retirees’ arrears, restore confidence in the Contributory Pension Scheme, and inject liquidity into the economy.
With public debt having surged 48.6 percent to ₦144.7 trillion in 2024, analysts warn that these fresh obligations, combined with ₦10.85 trillion already borrowed this year, will further strain debt-service capacity.
Lawmakers have referred the proposals to committees on debt, economic development, and pensions for swift review.
