N1.15trn Loan Nigeria: Tinubu Sends Fresh Borrowing Request to Senate Amid Rising Debt Concerns

By: Abudu Olalekan

Just when you thought the talk of loans had quieted down, another request lands on the Senate’s doorstep. And this one is big. President Bola Tinubu is asking for permission to borrow another N1.15 trillion. This time, from right here at home.

The letter was read out loud on Tuesday, right there in the Senate chamber. Senate President Godswill Akpabio was the one who broke the news. The official reason? To “bridge the funding gap” in the 2025 budget. It’s the latest move in a series of borrowing plans designed to keep the government’s engine running, even as money gets tighter.

Akpabio didn’t waste any time. He sent the request straight to the Senate Committee on Local and Foreign Debt. Their job? Figure it out. And fast. They have one week to report back. One week.

Now, this isn’t happening in a vacuum. This new request comes barely five days after the Senate gave the green light to another massive loan—a $2.847bn package from international markets. That deal included a $500m Sovereign Sukuk, a special kind of bond, all aimed at financing the same budget and refinancing some old debts. It feels like a lot, all at once.

And that’s the number that makes everyone nervous. Nigeria’s total debt stock. According to the Debt Management Office, it has already soared past N97 trillion. That’s a staggering figure, and it’s only getting bigger.

So, you have the critics on one side, warning that the country is heading toward dangerous, unsustainable debt levels. They see a ticking time bomb. But then you have the government and many lawmakers on the other side, arguing that this borrowing isn’t just reckless spending. They say it’s strategic. It’s essential.

When the previous loan was up for debate, Senator Wamakko, who chairs the debt committee, defended it strongly. “The borrowing plan is essential for Nigeria’s economic stability,” he insisted. It’s about keeping the lights on and meeting our promises.

Senator Sani Musa, the finance committee chairman, backed him up. “It is very necessary that we give approval,” he said, so the 2025 budget actually has the funds it needs to work.

But perhaps the most interesting argument came from Senator Adetokunbo Abiru, a banking expert. He tried to calm the nerves. “This is more of a compliance issue,” he explained. He said the 2025 budget already accounted for this borrowing as part of the deficit. It’s not new debt, it’s just paperwork. The other part of the loan, he added, is just to refinance existing Eurobonds so Nigeria doesn’t default on its payments. It’s a financial shuffle, not new spending.

Even former governor Adams Oshiomhole weighed in. He’s a seasoned politician, and he made a practical point. “There’s nothing wrong with borrowing if it is properly structured and used to address critical issues,” he said, mentioning things like unemployment and crumbling roads. The key, he argued, is making sure the loans actually build something that creates value.

So where does that leave us? The Tinubu administration is pushing hard to consolidate Nigeria’s finances before the 2025 fiscal year really gets going. They are battling dwindling oil money, stubbornly high inflation, and the huge cost of just servicing the debt we already have.

The ball is now in the court of the senators on that debt committee. They have to weigh the immediate need for cash against the long-term shadow of a trillion-naira debt. It’s a tough call. And in one week, we’ll know which way they’re leaning. For now, the request sits there, a heavy number on a piece of paper, waiting for a decision.