Experts Say "Nigeria's Public Debt May Hit Over N182.91tn by 2026" As NASS Receives Tinubu’s Fresh Request for $21.5 bn, 758bn Pension Bond

By: Olufemi Orunsola 

Economic experts and analysts have expressed concerns that Nigeria’s public debt may hit over N182.91tn by 2026 as the National Assembly has received a formal request for a fresh $21.5 billion external loan and a ₦758 billion domestic bond to settle outstanding pension liabilities from President Bola Tinubu. 

OPEN TELEVISION NAIJA (OTN) News reports as gathered that the new loan request by President Bola Tinubu, which was read on the floor of the Senate during Plenary today, seeks the approval of the National Assemby for the purpose of financing critical projects across various sectors of the economy—particularly infrastructure, health, education, and water supply.

OTN News further reports that in a separate request, President Tinubu also sought the Senate’s authorisation for the issuance of Federal Government bonds, which amounts to ₦757.9 billion, from the domestic debt market to settle outstanding pension liabilities under the Contributory Pension Scheme.

According to the President’s letter, the bond issuance is intended to address long-standing pension arrears and fulfil the government’s commitment to retired public sector workers.

Additionally, the President has requested Senate approval to raise $2 billion from the domestic market to support investments in critical sectors of the economy.

The Senate, OTN News reports, has referred both requests by the President to the Senate Committee on Local and Foreign Debts for further legislative scrutiny, with a report expected within two weeks.

Earlier, President Tinubu had written to the House of Representatives, requesting approval for the revised 2025–2026 external borrowing plan seeking to borrow $21.5 billion, €2.2 billion, ¥15 billion Japanese yen, and a €65 billion grant.

According to the letter, which was read on the floor of the House by the Speaker, the loans are intended to address the country’s infrastructure deficit and improve employment, among other objectives in order to settle outstanding pension liabilities, the President is also requesting approval to borrow ₦757.98 billion from the domestic market.

Meanwhile, Economic experts and analysts have expressed concerns over the realisation that as the National Assembly approves Tinubu’s fresh loan requests, Nigeria’s public debt is set for another significant jump.

Experts say that 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.

According to data from the Debt Management Office, as of December 31, 2024, Nigeria’s total public debt stood at N144.67tn representing a 48.58 per cent rise from the N97.34tn recorded at the end of 2023.