Economy

Nigeria’s total public debt is projected to rise to ₦155.1 trillion following the Senate’s approval of a fresh $6 billion loan request by President Bola Ahmed Tinubu. The approval, granted within hours, adds about ₦8.4 trillion at an exchange rate of ₦1,400 per dollar to the country’s debt stock, which stood at ₦146.69 trillion as of the end of 2025. The Senate, led by Godswill Akpabio, approved the request barely three and a half hours after reading the President’s letter. The lawmakers completed the first, second, and third readings and passed the request on the same day. The decision followed the presentation of a report by Senator Aliyu Wamakko, Chairman of the Senate Committee on Local and Foreign Debts. Breakdown of Tinubu’s Loan Request President Tinubu conveyed the request in two separate letters to the Senate. He sought approval for a $5 billion structured Total Return Swap (TRS) external financing programme with First Abu Dhabi Bank of the United Arab Emirates, alongside a $1 billion export finance facility from the United Kingdom arranged by Citibank's London branch. According to the President, the TRS facility will be drawn in tranches and used for budget implementation, infrastructure development, and refinancing of expensive domestic and external debts. He added that it would also help the government meet urgent financial obligations. Tinubu stated that Nigeria’s total public debt stood at $110.3 billion, about ₦159.2 trillion, as of December 31, 2025. He noted that phased drawdowns would reduce pressure on debt servicing. The President also …