The Presidential Candidate of the Labour Party in the 2023 general election, Peter Obi, has, for the umpteenth time, cried out at the reckless borrowing by this regime without accountability.
Obi said that by the latest loan approval by the Nigerian Senate for another external borrowing of $21 billion, €2.2 billion, ¥15 billion for the 2025–2026 fiscal cycle, Nigeria’s debt now stands at N187 trillion, with palpable fear that it might climb to N200 trillion before the end of the year.
According to Obi the Nigerian Senate approved an additional $21 billion, €2.2 billion, ¥15 billion of external borrowing for the 2025–2026 fiscal cycle. It also approved a N750.98 billion domestic bond issuance and a €65 million grant. With an already existing public debt of about N149.39 trillion as at the first quarter of 2025, adding the approved loans of about N37.2 trillion brings our current total debt to about N187 trillion with concerns that the debt might likely be over N200 trillion by the end of 2025.