Reject Tinubu’s $24bn Loan Request or Push Nigeria Into ₦183tn Debt Abyss – SERAP Warns NASS
The Socio-Economic Rights and Accountability Project (SERAP) has called on the National Assembly to reject President Bola Tinubu’s new $24 billion loan request, warning that it could push Nigeria’s total debt to an unsustainable ₦183 trillion.
In a statement issued on Wednesday, SERAP cautioned that approving the loan would worsen the country’s already fragile financial state and burden future generations. “The National Assembly must refuse to approve the Tinubu administration’s request to borrow $24 billion. The growing national debt is clearly unsustainable and not in the public interest,” the group said.
President Tinubu’s proposal includes a $21.5 billion external loan and a ₦758 billion domestic bond to fund infrastructure, healthcare, education, water supply, and to clear pension arrears. Additional requests include raising another $2 billion domestically for investment in key sectors and obtaining approval for a revised 2025–2026 borrowing plan.
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The loan requests were presented in letters to both chambers of the National Assembly on Tuesday and have been referred to the Senate Committee on Local and Foreign Debts for review. A report is expected in two weeks.
The revised borrowing plan includes $21.5 billion, €2.2 billion, ¥15 billion (Japanese yen), and a €65 billion grant. Tinubu emphasized that these funds would be used to bridge the country’s infrastructure gap and boost employment.
According to the Debt Management Office (DMO), Nigeria’s total public debt stood at ₦144.6 trillion as of December 31, 2024. Of this, external debt accounted for ₦70.2 trillion, while domestic debt was ₦74.3 trillion. The federal government holds the bulk of this debt, owing ₦62.9 trillion externally and ₦70.4 trillion domestically, while states owe ₦7.3 trillion and ₦3.9 trillion respectively.
SERAP’s warning highlights growing concerns over Nigeria’s mounting debt and questions the wisdom of further borrowing amid economic uncertainty.
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