Tinubu Seeks Fresh Loan: Foreign Debt Exceed $51 Billion with $7.8 Billion and €100 Million Requests
By Adeke Chukwuka

Nigeria’s foreign debt is anticipated to increase to approximately $51 billion due to President Bola Tinubu’s request to the Senate for approval to borrow an additional $7.8 billion and €100 million as part of his 2022-2024 borrowing plan.
Certain financial analysts have contested the official explanation for the borrowing, asserting that it serves as a bridging loan to alleviate the country’s existing balance of payments crisis.
As of June 2023, Nigeria’s foreign debt stood at $43.2 billion, and domestic debt was recorded at 54.1 trillion naira, totaling 113.4 trillion naira in public debt.
Following the recent presidential request for additional borrowing and the depreciation of the naira, the projected total public debt is expected to reach 130 trillion naira.
The President, in a letter to the Senate, clarified that this request was based on approval granted during a Federal Executive Council meeting in May 2023, under the administration of President Muhammadu Buhari.
Senate President Godswill Akpabio presented Tinubu’s request for additional borrowing during a plenary session. In the letter, Tinubu highlighted that the 2022–2024 borrowing plan, approved by the past administration, focuses on diverse sectors such as infrastructure, agriculture, health, education, water supply, security, employment, and financial management reforms.
The proposed funding for these projects is 7,864,508,559 dollars and 100 million euros. Tinubu emphasized the positive impact these projects would have on Nigeria’s social and economic development, including employment generation, skills acquisition, entrepreneurship support, poverty reduction, and food security.
It was also noted in the letter that the request is essential to address the economic challenges, bridge the financing gap, and expedite key infrastructure projects like power, railways, and healthcare, among others. Tinubu urged the Senate’s consideration and approval for efficient project implementation and prompt disbursement.
Vodina Sam
Related posts
Emmys 2021 Celebrates Michael K. Williams
Reviews
Follow Our Activities On Facebook
5 hours ago
7 hours ago
10 hours ago
10 hours ago
10 hours ago
SUBSCRIBE
[mc4wp_form id=”2012″]
Top Reads!
#BigBrotherNaija “Level Up” Week 6
Though last Sunday Sunday was meant to be a “no-eviction” day, it came as a shocker when fake housemate, Modella…
Dating in 2022; Situationships Are Not For The Fainthearted
Situationships are defined as that space between a defined relationship and something other than a friendship. It is a romantic…
20 Questions With Dinta Media’s Visual Storyteller, Chimeremogo Nwoke
Dinta Media is not really just a media production brand but we like to see ourselves as a hub for…
How Are Nigeria’s Small Businesses Coping?
The current rising rate of inflation and other burdens against the Nigerian economy speaks to the realities of the times.
Thrifting Is All The Rave Now, Here’s Why
By Amy Adindu The affordable clothing movement has gained global attention and acceptance as we’re all trying to look like…
#BigBrotherNaija “Level Up” Week 2
Week 2 of the highly watched Nigerian TV show kicked off with an early plot twist. On Sunday, Big Brother…
#BlueTunes: Burna Boy, Omah Lay Top Album Picks For July
July was a promising month for music lovers; from Lizzo’s album titled Special and Imagine Dragons’ Mercury, (Acts 1 &…
#BlueTunes Album Picks For June
Gbagada Express – Boj Bolaji Odojukan, popularly known as BOJ, was raised both in England and Nigeria. He shot to…
“A Creative’s Dream” with Jeff Chinonso
On the 26th of June 2022, Jeff Chinonso hosted his first solo art exhibition. The Augmented Reality exhibition themed “A…
Nigerian API-based company Thepeer raises $2.1 million
Tech infrastructure startup Thepeer has raised a $2.1 million seed round according to a report from TechCabal. Thepeer, a Nigerian…
Dika Ofoma, Ugochukwu Onuoha take on grief in Debut Film “The Way Things Happen”
The twenty-minute film focuses on the loss of a loved one, and how grief changes a person.
Nigerian Startups might just be Crippled by a Recently Leaked bill
Over the years there has been talks of amendment on the 2007 Act of the National Information & Technology Agency (NITDA).
Why We Love Kelechi Amadi Obi
The definition of talent is Kelechi Amadi’s iconic story. Imagine a person who studies law in school, gets called to Bar, and leaves it all for something different and unrelated…Painting!