Tinubu’s $6bn Loan Request to Push Nigeria’s Debt Beyond N195 Trillion

President Bola Tinubu has asked the National Assembly to approve over $6 billion in foreign loans. If granted, this would raise Nigeria’s total debt stock above N195 trillion. He sent two letters to Senate President Godswill Akpabio and House Speaker Abbas Tajudeen. One seeks a $5 billion facility from First Abu Dhabi Bank, while the other requests $1 billion from Citibank London, backed by UK Export Finance, for Lagos port rehabilitation. The funds are earmarked for infrastructure, debt repayment and modernising the Lagos Port Complex and Tin Can Island Port. Loan terms include a 14-year repayment period, a 1.1 percent availability fee and a 1.07 percent premium. The IMF has warned of rising debt vulnerabilities in low-income countries. The Northern Elders Forum also cautioned that unchecked borrowing threatens Nigeria’s economic future.

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