By Muhammad Mamman
President Bola Tinubu has requested the National Assembly’s approval to secure a fresh ₦1.15 trillion domestic loan, despite growing concerns over Nigeria’s escalating debt profile.
The President’s request was contained in a letter read on the Senate floor, in which he emphasised that the new borrowing would fund key national projects and sustain economic reforms under his administration’s fiscal strategy.
President Tinubu maintained that the proposed loan forms part of the 2025 borrowing plan, aimed at bridging critical infrastructure gaps and stimulating growth in priority sectors, including power, transport, and agriculture.
Lawmakers, however, have expressed mixed reactions, with some warning that continued borrowing could deepen the country’s debt burden and strain future revenues. Nigeria’s total public debt has already exceeded ₦97 trillion, according to the Debt Management Office (DMO).
The Senate Committee on Finance is expected to scrutinise the proposal before forwarding its recommendations to the full chamber for debate and possible approval.
Economists have urged the government to pair borrowing with stronger revenue-generation measures and fiscal discipline to avoid worsening the nation’s debt sustainability risks.
