Nigeria’s public debt is set for another significant jump as President Bola Tinubu has requested the National Assembly’s approval to secure fresh foreign loans amounting to about $24.14bn.
At the prevailing official exchange rate of N1,583.74/$1, the proposed borrowing would add approximately N38.24tn to the existing debt stock, potentially pushing Nigeria’s total public debt from N144.67tn at the end of 2024 to over N182.91tn by 2026.
The fresh borrowing is composed of $21.54bn, €2.19bn, and ¥15bn. Using the latest market exchange rates.
In total, the new loans amount to an estimated $24.14bn. When converted at the official rate of N1,583.7388 to the dollar, the naira equivalent of these loans comes to N38.24tn.
FRESH $24BN BORROWING MAY BALLOON NIGERIA’S DEBT TO N183TN
