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Approval raises concerns over rising public debt as government seeks funds for development projects

Nigeria’s total public debt is projected to rise to about N155 trillion following the approval of a $6 billion loan request by the Senate for the Federal Government. The approval forms part of the government’s broader borrowing plan aimed at financing key infrastructure and development projects across the country.

Lawmakers granted the request after reviewing the proposal presented by the executive arm of government, which outlined how the funds would be utilised to support national development priorities. Officials say the borrowing is intended to help address funding gaps in critical sectors such as infrastructure, energy, transportation, and social development programmes.

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Government representatives have maintained that the loan forms part of Nigeria’s medium term borrowing strategy designed to support economic growth and stabilise public finances. They also explained that the funds will be sourced from international financial institutions and development partners under concessional terms.

However, the rising debt profile has continued to generate debate among economic analysts and public finance experts. Some stakeholders have urged the government to strengthen revenue generation and reduce reliance on borrowing to finance national expenditure.

Despite the concerns, authorities insist that the borrowing remains within the country’s sustainable debt limits and is necessary to fund projects that will stimulate economic development, improve infrastructure, and support long term growth.