President Bola Tinubu moves to secure $6 billion in external loans, prompting debate over Nigeria’s rising debt.

President Bola Ahmed Tinubu has formally written to the Senate, seeking approval to borrow $6 billion in external loans to support critical government projects and address pressing budgetary needs. The request, submitted in a letter to Senate President Godswill Akpabio, was read during plenary and marks a major step in the administration’s plan to accelerate national development.

According to reports, the proposed borrowing includes a $5 billion facility, alongside other funding arrangements aimed at boosting infrastructure, economic activity, and essential public services. The funds are expected to support roads, power, healthcare, and other strategic projects across the country.

The loan request comes amid growing concerns over Nigeria’s rising debt profile. Analysts note that while the borrowing could stimulate economic growth, it also adds to the country’s external obligations, making careful oversight by lawmakers critical.

Lawmakers in the Senate are now set to deliberate on the proposal in the coming days. Discussions are expected to focus on the terms of the loans, repayment plans, and the potential impact on Nigeria’s fiscal stability.

The move underscores Tinubu’s commitment to fast-tracking national development, even as it raises questions about long-term debt sustainability. The outcome of the Senate’s decision could set a precedent for how future administrations balance borrowing with economic growth.