Date: March 31, 2026 l Reporter: Musa Muhammad
President Bola Ahmed Tinubu has formally requested approval from the Nigerian Senate to secure fresh borrowing estimated at about ₦9 trillion, as part of efforts to finance the country’s 2026 budget and address existing fiscal obligations.
The request, contained in a letter addressed to the Senate and read during plenary by Senate President Godswill Akpabio, includes plans to obtain external loans totaling approximately $6 billion to support government spending and infrastructure development.
According to the proposal, the borrowing is aimed at bridging Nigeria’s widening budget deficit and funding key national projects. The government indicated that the loans would also help settle outstanding financial commitments carried over from previous budget cycles while ensuring the effective execution of priority programmes.
Details of the borrowing plan reveal that part of the request includes a $5 billion facility intended to support budget financing and debt obligations, as well as an additional $1 billion loan targeted at upgrading critical infrastructure, including major port facilities such as the Lagos Port Complex and Tin Can Island Port.
The proposed borrowing comes as the federal government seeks to increase the 2026 national budget by ₦9 trillion, raising total spending from about ₦58.4 trillion to roughly ₦67.4 trillion. Officials say the adjustment is designed to improve fiscal transparency, consolidate existing debts, and accommodate strategic development projects.
However, the move has raised concerns over Nigeria’s growing debt profile, with analysts warning that continued reliance on borrowing could further strain public finances. Reports indicate that a significant portion of government revenue is already being used to service existing debt, leaving limited resources for capital development.
The Senate is expected to review the request through its relevant committees before making a final decision. Lawmakers are likely to consider factors such as fiscal sustainability, economic impact, and the necessity of the proposed projects.
Nigeria’s rising debt burden has remained a key issue in public discourse, as the government continues to balance the need for infrastructure development with concerns about long-term economic stability.
If approved, the new loan request will further expand Nigeria’s borrowing portfolio, underscoring the administration’s continued reliance on deficit financing to drive economic growth and national development.