Following Wednesday’s high-level meeting at the Presidential Villa, President Bola Tinubu has formally requested Senate approval for a new loan of $516,333,070.
In a letter read by Senate President Godswill Akpabio during Thursday’s plenary, the President explained that the credit facility to be sourced from Deutsche Bank is designated to fund the 1,000km Sokoto-Badagry Superhighway.
President Tinubu urged the lawmakers to grant the request an expedited passage to ensure the project remains on track.
Consequently, Akpabio referred the matter to the Committee on Local and Foreign Debts, with a mandate to report back within one week.
Persecondnews reports that as of late April 2026, Nigeria’s debt trajectory remains a central theme in President Bola Tinubu’s “Renewed Hope” economic agenda.
The administration has relied heavily on a mix of domestic and external borrowing to fund massive infrastructure projects and bridge significant budget deficits.
Below is a breakdown of the loans requested/approved in 2026 so far and the current state of the nation’s debt.
Loans Requested or Approved in 2026
In the first four months of 2026 alone, the Senate has cleared several high-value credit facilities.
*March 2026 $5 Billion First Abu Dhabi Bank (UAE) for budget deficit financing and debt obligations.
*March 2026 £1 Billion UK Export Finance for critical infrastructure and power projects.
*April 2026 $516.3 Million Deutsche Bank specifically for the Sokoto-Badagry 1,000km Superhighway.
Former Finance Minister Wale Edun recently clarified during the April 2024 IMF/World Bank Spring Meetings in Washington D.C. that Nigeria was not currently seeking a loan from the IMF, focusing instead on market-based domestic reforms.
Nigeria’s Debt Profile as of 2026. The nation’s fiscal landscape is currently characterized by high debt stock and even higher servicing costs.
Total public debt (combined domestic and external) has surpassed $100 billion, currently estimated to be hovering around ₦150 trillion.
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