President Bola Ahmed Tinubu has reportedly requested approval from the National Assembly of Nigeria for over $6 billion in foreign loans, a move that could significantly increase Nigeria’s debt burden.

 President Bola Ahmed Tinubu has reportedly requested approval from the National Assembly of Nigeria for over $6 billion in foreign loans, a move that could significantly increase Nigeria’s debt burden.

According to reports by Daily Trust, the proposed borrowing is expected to push Nigeria’s total public debt stock beyond ₦195 trillion if approved. The funds are intended to support government spending, infrastructure development, and other fiscal obligations.

The request has sparked discussions among economists and policy analysts, with concerns about rising debt levels, repayment capacity, and the long-term impact on the country’s economy. Critics argue that continuous borrowing may strain future revenues, while supporters say it is necessary to finance critical projects and stimulate economic growth.

The National Assembly is expected to deliberate on the request before making a decision, as lawmakers weigh the potential benefits against the risks associated with increased national debt.