Sh*ckwaves As Tinubu Seeks New $24 Billion Loan—Presidency Breaks Silence

The Presidency has clarified that President Bola Tinubu is not seeking a fresh $24 billion loan, contrary to claims surrounding a recent submission to the National Assembly.

Criticism had erupted from opposition parties and political figures over the proposal, with concerns it could add approximately ₦38.24 trillion to Nigeria’s current debt profile—raising total public debt from ₦144.67 trillion at the end of 2024 to over ₦182.91 trillion by 2026.

However, in an interview on Real Talk With Kike, the President’s Senior Special Assistant on Media, Tope Ajayi, explained that Tinubu merely presented a borrowing plan to the National Assembly, not a direct loan request.

Ajayi emphasized that, under Nigeria’s Fiscal Responsibility Law, the federal government is allowed to submit a multi-year borrowing framework to the National Assembly, which does not automatically translate into debt acquisition.

He noted that the $24 billion outlined in the plan includes borrowing projections for the federal government, all 36 states, and the FCT. According to him, only the president has the legal authority to secure external loans, and states’ borrowing intentions must be routed through the presidency.

“This is a three-year borrowing plan involving the federal government, states, and FCT. It’s not that the President is borrowing $24 or $21 billion today. This plan allows for future financial projections and responsible budgeting,” he said.

Ajayi further disclosed that the federal government is actively repaying existing debts, citing recent payments such as a $3.4 billion IMF COVID-19 loan and ₦300 billion in Sukuk bonds. He added that revenue from the removal of fuel subsidies has been instrumental in supporting both federal and state governments in executing projects and paying salaries.