President Bola Tinubu has requested National Assembly approval for a new $2.8 billion loan to finance key infrastructure and social programs under the 2025 fiscal plan.
The request, sent to both chambers on Monday, seeks funding for projects in energy, transport, and education.
Lawmakers, however, voiced concerns about Nigeria’s growing debt profile, now exceeding ₦97 trillion. Finance Minister Wale Edun assured that the new borrowing would focus on high-return investments to drive job creation and growth.
Critics argue the government must improve revenue collection and curb wasteful spending before seeking more debt.
Tinubu’s administration insists the loan is essential to sustain economic reforms and ease inflationary pressures.
