Debt Palava: Nigeria’s Debt Hits N155 Trillion After Quick $6bn Loan

The Nigerian Senate didn’t waste a single second yesterday, giving President Bola Tinubu a lightning-fast “green light” for a fresh $6 billion external loan. The request moved from a formal reading to total approval in just about three and a half hours, leaving critics and experts wondering where the fire was.

With this new credit line calculated at an exchange rate of N1,400 per dollar, the nation’s total debt profile is officially ballooning. We are looking at a jump from the N146.69 trillion recorded at the end of 2025 to a staggering N155.1 trillion. While the government is focused on funding, financial experts are sounding the alarm on the massive foreign exchange risks attached to borrowing in dollars. There’s also the growing headache of the debt service-to-revenue ratio, which was already sitting at a tight 60% last year and is now expected to get even tighter.

The speed of the approval has also sparked a political firestorm. Former Vice President Atiku Abubakar didn’t hold back, slamming the National Assembly for what he called “lightning-speed” rubber-stamping of such a massive financial commitment without deeper scrutiny. Despite the outcry, Senator Aliyu Wamakko’s committee report cleared the path, and the Senate leadership saw no reason to delay, cementing a move that further stretches the federation’s balance sheet.