Nigeria’s overall debt, including both Federal Government and state loans, is set to approach N107.38 trillion. This follows recent approvals for additional borrowings for the Federal Government and the securitization of the Central Bank of Nigeria’s N7.3 trillion Ways and Means advances.

In December 2023, the Senate greenlit President Bola Tinubu’s request to borrow $7.8 billion and €100 million as part of the Federal Government’s 2022-2024 borrowing plan. Tinubu emphasized that the loan, approved by the former President Muhammadu Buhari-led Federal Executive Council on May 15, 2023, is vital for funding various sectors including infrastructure, health, education, agriculture, and security. Tinubu stated that the foreign loan is necessary to address the financial gap and revive economic activities in the country.