Tinubu wants to borrow fresh $516m from Deutsche Bank as Nigeria’s debt hits ₦159 Trillion

• Bola Tinubu requests Senate approval for $516.33 million loan

• Loan to finance Sokoto–Badagry Super Highway project

• Request referred to Senate Committee on Local and Foreign Debts

• Nigeria’s rising debt profile continues to raise economic concerns

President Bola Tinubu has requested approval from the Senate to secure a fresh $516.33 million external loan, in a move that adds to Nigeria’s growing debt obligations and is expected to intensify ongoing public debate over the country’s borrowing strategy.

The request was contained in a formal letter transmitted to the National Assembly and read on the floor of the Senate by Senate President Godswill Akpabio during plenary. Following the reading, the request was referred to the Senate Committee on Local and Foreign Debts for further legislative scrutiny.

According to the proposal, the loan is expected to be sourced from Deutsche Bank and will be used to finance part of an already approved infrastructure financing programme. A major component of the funding is tied to the development of the Sokoto–Badagry Super Highway, a flagship road project aimed at improving connectivity and boosting economic activity across multiple regions of the country.

Lawmakers are expected to review the details of the request and present their report within one week, after which the Senate will take a final decision on whether to approve the borrowing plan.

The development comes at a time when concerns over Nigeria’s rising debt profile continue to dominate economic discussions. Data from the Debt Management Office (DMO) indicates that the country’s total public debt has increased significantly in recent years, driven by repeated domestic and external borrowing by successive administrations.

Under the current administration of Bola Tinubu, borrowing has remained a key financing tool used to support infrastructure projects, budget deficits, and economic reforms. However, critics argue that the pace of borrowing is raising sustainability concerns, particularly as debt servicing continues to consume a large portion of government revenue.

Supporters of the administration maintain that strategic borrowing is essential for closing infrastructure gaps and driving development, especially in a challenging economic environment marked by inflationary pressures and foreign exchange constraints.

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If approved, the $516 million facility will add to Nigeria’s external debt stock and further expand the government’s borrowing commitments at a time when citizens are already grappling with rising living costs.

The Senate’s decision in the coming days is expected to play a key role in shaping public discourse